Thermal coal demand from Russia has gained momentum in India as low CV 4800 kcal/kg NAR grade coal offers were heard at $110-120/t FOB, lower by $30/t from South African origin. High CV Russian coal demand also remained strong among buyers due to its relatively cheaper prices than other origin. Cement and power units in India are emerging as the biggest buyers of Russian coal as there have been no major disruptions in vessel arrival from the country. Panamax freight between Baltic Sea and Indian East Coast remains at $37-38/t.
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