Indian cement maker Ultratech bought a parcel of South African coal ex-stocks at an Indian port for US$170/t CIF and is seeking more, the seller, an Indian trader, said. Ultratech and other Indian cement companies currently in the market for South African coal are being offered at $200.00 a tonne CIF, the Indian trader said.
"If they want the coal, they have no choice. That is the market price," he said.
Other Indian traders also offering South African coal ex-stocks to the cement and sponge iron industries said they expected to get at least US$170/t CIF, probably more. Demand has been steady from end-users during the past few months despite an absence of fresh buying of South African cargoes by Indian traders.