February coal exports from South Africa's Richards Bay Coal Terminal increased 29% month-on-month to 5.45 million mt, although the volume shipped was 10% lower year-on-year, according to RBCT data released Friday.
Monthly exports from the 91 million mt/year terminal had dipped to a 20-month low in January amid low demand and following a higher shipping rate in December when producers tend to catch up on any shortfall in their programs and increase loadings to meet end-of-year targets.
South African state-controlled rail operator Transnet railed 5.98 million mt of coal to RBCT in February, 4% down on the month but 14% higher on the year.
Transnet stepped up its railings to secure its highest ever annual performance in 2012, delivering 68.52 million mt to RBCT, compared with an average of 63.33 million mt over the five preceding years.
Meanwhile end-of-month coal stocks at RBCT reached their highest since September 2011.
At the end of February there were 4.35 million mt in inventories, up 6% from the end of January, and 54% more than was on stockpiles a year earlier.
Richards Bay 6,000 kcal/kg NAR thermal coal spot prices have eased down to year-to-date lows under $84/mt FOB, according to Platts data, after briefly finding support above $85/mt in February when supply out of Colombia was severely restricted by a spate of issues including labor disputes and environmental investigations.
Traders said that South African origin coal was used as a replacement for the lost Colombian tonnage, particularly by buyers in the Mediterranean region.
