[miningmx.com] – RICHARDS Bay Coal Terminal (RBCT) exported the most coal in more than six years, according to data published by the terminal.
Shipments in December were 4.3% higher to 68.3 million tonnes (Mt) which is the highest level since 2006 and comes as the US pushed down prices while there was renewed demand for higher quality African coal, said Bloomberg News in an article.
“I think that there’s a combination of quality and price that makes it attractive to buyers,’ said Xavier Prevost at XMP Consulting. “The mines were not willing to produce more because the price was very low,’ he told Bloomberg News.
Prices averaged $92.89 in 2012, 20% cheaper than 2011’s $116.20, according to IHS McCloskey.
“A lot of the coal that Americans were supposed to sell remained, so they decided to go into a very aggressive export,’ Prevost said. Many of the buyers in China, India and Europe preferred the higher quality coal from South Africa, he said.
