Bloomberg News

South Africa Richards Bay Coal Drops to Lowest in Four Months

March 04, 2013

Coal export prices at South Africa’s Richards Bay, the continent’s biggest terminal for shipping the fuel, decreased to the lowest level in four months.

Coal for immediate delivery fell $1.26, or 1.5 percent, to $84.76 a metric ton in the week to March 1, the lowest level since Nov. 9, according to IHS McCloskey data on Bloomberg.

Prices may move sideways or down, after declining amid a weaker euro and softer oil and power prices last week, Bevan Jones, a general manager at London Commodity Brokers Ltd., said in a note.

“News from China on government attempts to cool the property sector have seen falls in demand for both coal and iron ore,” Jones said.

The fuel is quoted on a free-on-board basis, which excludes delivery costs.

To contact the reporter on this story: Marek Strzelecki in Warsaw at mstrzelecki1@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson in London at lpaulsson@bloomberg.net


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