ACC seeks South African coal cargoes

ACC seeks South African coal cargoes
Published: 21 June 2007

ACC Limited, one of India’s largest cement and concrete manufacturers, is tendering for two to three panamaxes of South African coal for delivery in July and August, traders said.  
 
Indian cement makers of all sizes have been trying for the past two weeks to delay coal purchases since prompt South African coal prices rose to over $58.00 a tonne FOB Richards Bay from $54.00 a few weeks ago.  
 
Because freight rates have remained at around $30 a tonne for panamax and handymax vessels, Indian buyers have seen delivered costs soar by several dollars a tonne. 
 
However, buyers are now returning to the market for prompt South African cargoes but trying to buy the bare minimum, traders said.