South Africa: RB1 coal prices rise as EU imposes fresh sanctions on Russia

South African RB1 (6000 kcal/kg NAR) coal prices for Apr’22 have increased by $14/t d-o-d to $265/t FOB as on 5 April, while May prices have increased by $29/t d-o-d to $277/t FOB. The rise in prices came against the backdrop of the European Commission proposing banning Russian coal imports following rising war crimes in Ukraine. The sanction is likely to cost Russia a total of EUR 4 billion a year.