September 07, 2008

RBCT coal prices rise on export cut by Angelo

Reuters reported that prices of prompt loading South African coal cargoes rose on Thursday on news Anglo Coal South Africa has to cut exports by around 2 million tonnes to provide extra coal to state utility Eskom.

Richards Bay on electronic trading platform globalCOAL said that April 2008 loading Panamax was bid at USD 113.50 and offered at USD 120.00 a tonne FOB. A May cargo was also bid at USD 113.00. Sellers said they would be seeking USD 120.00 for anything loading in the next three months.

The report further added that DES ARA prices also rose to around USD 144.00 a tonne from closer to USD 140.00 mid week on strong demand and tight supply. A 50,000 tonne multi origin coal parcel for April delivery was bid at USD 142.00 and offered at USD 146.00 a tonne DES ARA on globalCOAL.