India's energy ambitions are pushing global coal prices. India's import of coal from South Africa is expected to go up big time in the coming days.
According to reports, South Africa's Richards Bay Coal Terminal, the world's biggest coal export facility, will be shipping huge quantity of coal to India this year, causing a price rice across the globe.
India has become the major importer now and the increased demand from India has lifted the prices in the international market.
Richards Bay Coal Terminal shipped 7.3 million tonnes to India in the first 10 months, compared with 300,000 tonnes for the whole of last year. It may go up by another 2 million tonnes before the end of the year.
Benchmark prices for thermal coal, used in power plants, have reached a record in Australia, South Africa and