Amid subdued portside trading of South African RB2 (5,500 NAR) grade coal over the last few weeks, stocks at Gangavaram port have steadily risen to 2.53 mn t, 3.8% higher on week. While RB2 offers remained firm at INR 8,700/t at the port, bids from sponge iron manufacturers continued to remain dismal. Procurement of imported coal cargoes by sponge iron plants in Chhattisgarh and Odisha is expected to remain low amid ample domestic coal supply.
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