The extent of the Covid-19 lockdown demand destruction has become more evident as data comes in, with many of SA’s key export destinations registering falls in power demand of between 10% to 30% in April. However, this has naturally been balanced by fewer railings and coal mines operating at far lower capacities. As the market stabilises pricewise, hindsight would suggest that the “rumour was sold, and now traders are buying back the fact”.
