Despite limited trades of South African RB2 (5,500 NAR) grade coal over the last few weeks, portside offers at Gangavaram port remained higher in the range of INR 8,600-8,800/t. Direct importers are refraining from reducing RB2 offers on the expectation that sponge iron manufacturers would have to accept high offers in the coming days as a complete switch over to domestic coal is unlikely for sponge iron units and also because of limited quantity of S.African coal arriving in India during Aug’21.
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