Coal Exports From South Africa's RBCT Soared to a 15-month High of 7.49 Million Mt

Coal exports from South Africa's Richards Bay Coal Terminal (RBCT) soared to a 15-month high of 7.49 million mt in March, jumping 37.4% month-on-month and 20% year-on-year, the latest operating data released by the port Tuesday showed.

The total is the highest monthly volume since the 8.1 million mt exported in December 2011, which sources had said included tonnage that was loaded onto vessels during December, but were only shipped in early January 2012.

Trading sources said during the March that the 5,500 kcal/kg NAR South African market was especially tight, with Chinese buyers having scooped up a considerable amount of the spot lower calorific value material.

One London-based source said that it was "virtually impossible to find 5,500 kcal/kg NAR material out of RBCT" up to June, due to high demand from Chinese buyers, with standard Richards Bay 6,000 kcal/kg NAR coal also finding pockets of real demand at lower price levels.

According to available vessel fixtures from a shipbroking source, at least six Capesize vessels heading to China were loaded at RBCT in March, with one Capesize shipment en-route to Rotterdam and another to Taiwan.

Sources have also been noting that Indian buying interest has been increasing, due to the users needing to stock up before the May-September monsoon season amid lower prices.

The price of physical Richards Bay thermal coal basis 6,000 kcal/kg NAR and for loading within the next 7-45 day period was assessed at $79.75/mt at the end of March, slipping $5.10 from $84.85/mt at the start of the month, according to Platts data.

In addition, state-owned logistics group division Transnet Freight Rail increased railings to RBCT during March, transporting 6.51 million mt of coal, the highest monthly volume railed since the 6.6 million mt moved in August 2011.

The amount of coal railed during the month rose 8.9% from February and 2.9% on-year.

Meanwhile, stocks at the port slipped 15.4% from February to 3.68 million mt at the end of the month, the lowest stock levels seen so far this year due to higher exports. However, the total was 21.6% higher than stocks seen at the end of March 2012.