A sharp rise in South African thermal coal prices has further lifted portside RB2 (NAR 5500 kcal/kg) offers to INR 19,000-20,000/t at Gangavaram and Vizag Ports. However, bids remained weak from sponge iron manufacturers as the last trade was recorded at INR 18,500/t for 2,000 t at Vizag yesterday. The escalating tension between Russia and Ukraine has pushed RB1 (NAR 6000 kcal/kg) coal prices to an all-time high of $311/t FOB.
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