India: South African RB2 coal offers edge higher to INR 23,000/t at Gangavaram Port

Amid elevated imported coal prices and limited vessel arrivals from South Africa, portside offers for RB2 (5500 kcal/kg NAR) coal remained higher at INR 23,000-25,000/t at Gangavaram Port. Bids from sponge iron manufacturers, however, remained low at INR 20,000/t amid weak sales volumes and increasing unviability of running operations at high costs. Several sponge units around the eastern zone have temporarily suspended operations to avoid incurring losses.