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.
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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.