CAPE TOWN: South Africa exported 6.48 million mt of thermal coal in May, down 2.8% year on year, due to falling shipments to Europe and Turkey, although exports to India continued to rise, according to customs data released late Monday.
Continuously strong Richards Bay FOB spot prices have been hindering buying interest for South African thermal coal this year, making it uncompetitive against cheaper material from other origins, particularly to Europe and Turkey.
The volume was, however, 5.1% higher than April and its highest since December 2015, with shipments to India at the highest monthly volume since S&P Global Platts records began in April 2014. The country took 4.46 million mt — or 68.8% of total exports — of South African thermal coal during the month, up 5% on-year and 1% higher than April.
