Coal prices fell across the curve even as oil and gas prices stabilised somewhat. Physical RB1 is trading at a slight discount to paper, whilst the RB3 differential has blown out to around $16 as reduced demand from India for SA coal weighs on exports. The firm RBCT vessel queue is looking quite sparse now, although railings to the port are also only achieving around 70% capacity. Indian government reforms to raise domestic production and cut imports have been delayed yet again. As the country experiences its own lockdown, there has been a further drop in coal power demand and record stockpiles building up at both mine and power stations.
