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Sunday, 08 August 10
SOUTH AFRICA INCREASES COAL EXPORTS TO INDIA BY 74% IN JULY, TRADER SAYS


South Africa’s Richards Bay, the continent’s largest coal terminal, increased sales to India by 74 percent in July from June, according to a trader, as reported by Bloomberg.

Purchases rose to 2.1 million metric tons, according to a note yesterday by mjunction Services Ltd., a web-based trader backed by India’s biggest steel producers. Purchases climbed 52 percent from a year earlier. Imports in the first seven months rose 14 percent to 11.63 million tons.

The nation’s thermal coal imports may climb to 72 million tons in 2011, according to Tata Power Co., which is setting up a coal-fired power plant with a capacity of 4,000 megawatts. The International Monetary Fund revised India’s 2010 economic growth forecast to 9.4 percent from its earlier prediction of 8.8 percent in April.

The power sector in India may face a coal shortage of 52.43 million tons in the year ending March 2011, mjunction said. citing India’s Coal Minister Sriprakash Jaiswal. The country’s demand for the fuel may be about 656 million tons this fiscal year, with users facing a shortage of about 83 million tons of the thermal and steel-making varieties.

Pakistani purchases from Richards Bay more than doubled to 182,624 tons in July from June, according to mjunction. Imports rose 44 percent in July from a year earlier.

Richards Bay increased shipments by almost 50 percent in July from June after a strike at Transnet Ltd. disrupted rail and port services the previous month.
Source: Bloomberg



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