Oil prices are stabilising after a new drop despite OPEC+ production cuts. At its next meeting, scheduled for 4 June 2023, OPEC+ may consider new interventions if oil stays below uS$75.
A large supply of coal is exerting a downward pressure on coal prices while low gas is testing the US$100 mark.
Petcoke prices continue their drop, driven down by lower coal prices, ample supply and buyers holding back as they wait to see how low petcoke prices will fall.
Steam coal and petcoke prices FOB - historical view 2009-23
The discount for 6.5 per cent S petcoke FOB sold at US$78 is at 38 per cent when compared with API4 coal sold at US$100 in the 3Q23. The CIF ARA 6.5 per cent S petcoke contract sold at US$97.50 is at a discount of 24 per cent, when compared with API2 coal sold at US$102 in the 3Q23.
Freight rates have slipped with USGC-ARA now at US$19.50.
