South African physical thermal coal prices continued their recent downturn Monday, as prompt tonnage traded 60 cents lower amid sparse demand in the Asia-Pacific market.
An August-loading cargo of standard Richards Bay 6,000 kcal/kg NAR material traded at $88.50/mt FOB on the globalCOAL electronic platform early on in the Atlantic trading window, down 60 cents on overnight levels.
A bout of short-covering had dragged Platts 90-day Richards Bay prices up around $10 over the second half of June to a six-week high of $91.80/mt FOB on July 3, but the spot market has since retraced below $90/mt.
In a report, a Singapore-based broker said two Capesize shipments of higher ash 5,500 kcal/kg South African coal for loading end-July and early-August were "still looking for a home," suggesting demand to the Indian subcontinent remains weak despite a recent stabilization of the Indian currency, the rupee.
Source: Platts