India’s Binani Cement Ltd will next week award a recent tender to buy 300,000t of South African coal for delivery in April-June, Indian traders said.
Binani has been out of the spot market for months and has enough coal for the next couple of months, they said.
However, they added, Indian cement makers may be taking the view that generally tight supply and strong demand in Asia could push prices still higher.
This could explain their buying now, the traders said.
Binani is expected to pay a slightly lower price to Ultratech, which a few days ago booked two prompt cargoes at around $143.00/t CIF.