South African coal offers fall for June; Indian buying appetite turns weak

Enquires for South African thermal coal took a hit following the hike in export duty on steel, which led to a correction in offers for June-loading cargoes of RB3 (4800 kcal/kg NAR) to $190/t CFR India, down $44/t m-o-m. RB2 (5500 kcal/kg NAR) coal is being offered at $250/t CFR India (Panamax). Low buying interest in India has dragged coal prices down, CoalMint notes. India is the leading buyer of South African coal, accounting for 40% of South Africa’s exports in 2021.