India since 2005 has become a key market for South African coal and an important price-driver for FOB Richards Bay coal prices, because India's coal imports have surged to meet demand that its domestic coal industry cannot supply.
India has a structural need for increasing tonnages of imported coal but buyers shift quickly between coal origins depending on which has a lower delivered cost.
"We have reduced our South African buying and have not signed term contracts for several months. It's just too expensive and not competitive against cheaper Indonesian coal," one of India's biggest trade importers said.
India took 25% of South Africa's 4,8-million tons of total coal exports in April, the sources said.
Asian demand for South African coal also from China, South Korea, Taiwan and Malaysia has more than compensated for a fall in European buying due to oversupply.
China imported 500 000 t of South African coal in April, a slight rise from 450 000 t in March.
The percentage of Indian imports of South African coal has dropped markedly since January, having averaged 30% per month throughout 2010.
India took 28% of total exports of 5,6-million in March and 19% in February, compared with 34% in January.
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