India: South African RB3 coal sold at INR 17,000/t at Gangavaram Port

Amid limited inquiries from sponge iron manufacturers, 5,000 t of South African RB3 (4800 kcal/kg NAR) grade coal was sold at INR 17,000/t at Gangavaram Port. RB2 (5500 kcal/kg NAR) grade coal offers were at INR 20,800/t. Following the decline in domestic steel prices, sponge iron units have kept to the market sidelines avoiding procuring imported coal at elevated prices, sources informed.