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<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 2 for February as per report dated Friday 6 January 2023?[/INST]170.00</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 2 for February as per report dated Friday 6 January 2023?[/INST]170.50</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 2 for February as per report dated Friday 6 January 2023?[/INST]170.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 2 for March as per report dated Friday 6 January 2023?[/INST]169.90</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 2 for March as per report dated Friday 6 January 2023?[/INST]170.40</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 2 for March as per report dated Friday 6 January 2023?[/INST]170.15</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 2 for April as per report dated Friday 6 January 2023?[/INST]168.75</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 2 for April as per report dated Friday 6 January 2023?[/INST]169.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 2 for April as per report dated Friday 6 January 2023?[/INST]169.00</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 1Q23 as per report dated Friday 6 January 2023?[/INST]170.45</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 1Q23 as per report dated Friday 6 January 2023?[/INST]170.95</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 2 for 1Q23 as per report dated Friday 6 January 2023?[/INST]170.70</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 2Q23 as per report dated Friday 6 January 2023?[/INST]167.95</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 2Q23 as per report dated Friday 6 January 2023?[/INST]168.45</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 2 for 2Q23 as per report dated Friday 6 January 2023?[/INST]168.20</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 3Q23 as per report dated Friday 6 January 2023?[/INST]170.50</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 3Q23 as per report dated Friday 6 January 2023?[/INST]171.00</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 2 for 3Q23 as per report dated Friday 6 January 2023?[/INST]170.75</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 4Q23 as per report dated Friday 6 January 2023?[/INST]171.00</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 4Q23 as per report dated Friday 6 January 2023?[/INST]171.50</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 2 for 4Q23 as per report dated Friday 6 January 2023?[/INST]171.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 1Q24 as per report dated Friday 6 January 2023?[/INST]170.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 1Q24 as per report dated Friday 6 January 2023?[/INST]170.75</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 2 for 1Q24 as per report dated Friday 6 January 2023?[/INST]170.50</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 2024 as per report dated Friday 6 January 2023?[/INST]166.40</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 2024 as per report dated Friday 6 January 2023?[/INST]166.90</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 2 for 2024 as per report dated Friday 6 January 2023?[/INST]166.65</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 2025 as per report dated Friday 6 January 2023?[/INST]156.75</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 2025 as per report dated Friday 6 January 2023?[/INST]157.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 2 for 2025 as per report dated Friday 6 January 2023?[/INST]157.00</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 2026 as per report dated Friday 6 January 2023?[/INST]147.10</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 2026 as per report dated Friday 6 January 2023?[/INST]147.60</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 2 for 2026 as per report dated Friday 6 January 2023?[/INST]147.35</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 4 for February as per report dated Friday 6 January 2023?[/INST]173.20</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 4 for February as per report dated Friday 6 January 2023?[/INST]173.70</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 4 for February as per report dated Friday 6 January 2023?[/INST]173.45</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 4 for March as per report dated Friday 6 January 2023?[/INST]173.60</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 4 for March as per report dated Friday 6 January 2023?[/INST]174.10</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 4 for March as per report dated Friday 6 January 2023?[/INST]173.85</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 4 for April as per report dated Friday 6 January 2023?[/INST]162.75</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 4 for April as per report dated Friday 6 January 2023?[/INST]163.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 4 for April as per report dated Friday 6 January 2023?[/INST]163.00</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 4 for 1Q23 as per report dated Friday 6 January 2023?[/INST]172.20</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 4 for 1Q23 as per report dated Friday 6 January 2023?[/INST]172.70</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 4 for 1Q23 as per report dated Friday 6 January 2023?[/INST]172.45</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 4 for 2Q23 as per report dated Friday 6 January 2023?[/INST]159.10</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 4 for 2Q23 as per report dated Friday 6 January 2023?[/INST]159.60</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 4 for 2Q23 as per report dated Friday 6 January 2023?[/INST]159.35</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 4 for 3Q23 as per report dated Friday 6 January 2023?[/INST]156.75</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 4 for 3Q23 as per report dated Friday 6 January 2023?[/INST]157.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 4 for 3Q23 as per report dated Friday 6 January 2023?[/INST]157.00</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 4 for 4Q23 as per report dated Friday 6 January 2023?[/INST]152.50</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 4 for 4Q23 as per report dated Friday 6 January 2023?[/INST]153.00</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 4 for 4Q23 as per report dated Friday 6 January 2023?[/INST]152.75</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 4 for 1Q24 as per report dated Friday 6 January 2023?[/INST]148.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 4 for 1Q24 as per report dated Friday 6 January 2023?[/INST]148.75</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 4 for 1Q24 as per report dated Friday 6 January 2023?[/INST]148.50</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 4 for 2024 as per report dated Friday 6 January 2023?[/INST]152.65</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 4 for 2024 as per report dated Friday 6 January 2023?[/INST]153.15</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 4 for 2024 as per report dated Friday 6 January 2023?[/INST]152.90</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 4 for 2025 as per report dated Friday 6 January 2023?[/INST]145.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 4 for 2025 as per report dated Friday 6 January 2023?[/INST]145.75</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 4 for 2025 as per report dated Friday 6 January 2023?[/INST]145.50</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 4 for 2026 as per report dated Friday 6 January 2023?[/INST]137.85</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 4 for 2026 as per report dated Friday 6 January 2023?[/INST]138.35</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 4 for 2026 as per report dated Friday 6 January 2023?[/INST]138.10</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward buy price of API 2 premium to API 4 for Prompt as per report dated Friday 6 January 2023?[/INST]-3.45</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward sell price of API 2 premium to API 4 for Prompt as per report dated Friday 6 January 2023?[/INST]-2.95</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 170.00 | 170.50 | 170.25 | -7.30 |
| March | 169.90 | 170.40 | 170.15 | -7.55 |
| April | 168.75 | 169.25 | 169.00 | -7.35 |
| 1Q23 | 170.45 | 170.95 | 170.70 | -6.85 |
| 2Q23 | 167.95 | 168.45 | 168.20 | -5.80 |
| 3Q23 | 170.50 | 171.00 | 170.75 | -4.40 |
| 4Q23 | 171.00 | 171.50 | 171.25 | -3.90 |
| 1Q24 | 170.25 | 170.75 | 170.50 | -3.50 |
| 2024 | 166.40 | 166.90 | 166.65 | -3.15 |
| 2025 | 156.75 | 157.25 | 157.00 | -2.60 |
| 2026 | 147.10 | 147.60 | 147.35 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 173.20 | 173.70 | 173.45 | -7.85 |
| March | 173.60 | 174.10 | 173.85 | -5.40 |
| April | 162.75 | 163.25 | 163.00 | -6.15 |
| 1Q23 | 172.20 | 172.70 | 172.45 | -8.50 |
| 2Q23 | 159.10 | 159.60 | 159.35 | -3.95 |
| 3Q23 | 156.75 | 157.25 | 157.00 | -4.15 |
| 4Q23 | 152.50 | 153.00 | 152.75 | -4.15 |
| 1Q24 | 148.25 | 148.75 | 148.50 | -6.40 |
| 2024 | 152.65 | 153.15 | 152.90 | -2.85 |
| 2025 | 145.25 | 145.75 | 145.50 | -2.60 |
| 2026 | 137.85 | 138.35 | 138.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.45 | -2.95 | -3.20 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -1.80 | -1.70 | -1.75 | +1.65 |
| 2Q23 | 8.80 | 8.90 | 8.85 | -1.85 |
| 3Q23 | 13.70 | 13.80 | 13.75 | -0.25 |
| 4Q23 | 18.45 | 18.55 | 18.50 | +0.25 |
| 1Q24 | 21.95 | 22.05 | 22.00 | +2.90 |
| 2024 | 13.70 | 13.80 | 13.75 | -0.30 |
| 2025 | 11.45 | 11.55 | 11.50 | nc |
| 2026 | 9.20 | 9.30 | 9.25 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 123.75 | -0.55 |
| March | 116.10 | -0.40 |
| 1Q23 | 124.05 | -0.55 |
| 2Q23 | 104.60 | -0.25 |
| 3Q23 | 97.05 | -0.05 |
| 4Q23 | 92.45 | -0.15 |
| 2024 | 83.65 | -1.30 |
[INST]What is the forward average price of API 2 premium to API 4 for Prompt as per report dated Friday 6 January 2023?[/INST]-3.20</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward buy price of API 2 for February as per report dated Friday 7 January 2023?[/INST]171.00</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward sell price of API 2 for February as per report dated Friday 7 January 2023?[/INST]171.50</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward average price of API 2 for February as per report dated Friday 7 January 2023?[/INST]171.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward buy price of API 2 for March as per report dated Friday 7 January 2023?[/INST]170.00</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward sell price of API 2 for March as per report dated Friday 7 January 2023?[/INST]170.50</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward average price of API 2 for March as per report dated Friday 7 January 2023?[/INST]170.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward buy price of API 2 for April as per report dated Friday 7 January 2023?[/INST]169.00</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward sell price of API 2 for April as per report dated Friday 7 January 2023?[/INST]169.50</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward average price of API 2 for April as per report dated Friday 7 January 2023?[/INST]169.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 1Q23 as per report dated Friday 7 January 2023?[/INST]171.70</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 1Q23 as per report dated Friday 7 January 2023?[/INST]172.20</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward average price of API 2 for 1Q23 as per report dated Friday 7 January 2023?[/INST]171.95</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 2Q23 as per report dated Friday 7 January 2023?[/INST]169.20</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 2Q23 as per report dated Friday 7 January 2023?[/INST]169.70</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward average price of API 2 for 2Q23 as per report dated Friday 7 January 2023?[/INST]169.45</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 3Q23 as per report dated Friday 7 January 2023?[/INST]171.75</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 3Q23 as per report dated Friday 7 January 2023?[/INST]172.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward average price of API 2 for 3Q23 as per report dated Friday 7 January 2023?[/INST]172.00</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 4Q23 as per report dated Friday 7 January 2023?[/INST]172.25</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 4Q23 as per report dated Friday 7 January 2023?[/INST]172.75</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward average price of API 2 for 4Q23 as per report dated Friday 7 January 2023?[/INST]172.50</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward buy price of API 2 for 1Q24 as per report dated Friday 7 January 2023?[/INST]171.50</s>
|
<s>Forward prices
| Forward prices | | | | $/t |
|--|-|-|-|-|
| Timing | Buy | Sell | Average | + |
| cif ARA (Rotterdam) API | 2 | | | |
| February | 171.00 | 171.50 | 171.25 | -7.30 |
| March | 170.00 | 170.50 | 170.25 | -7.55 |
| April | 169.00 | 169.50 | 169.25 | -7.35 |
| 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 |
| 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 |
| 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 |
| 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 |
| 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 |
| 2024 | 167.65 | 168.15 | 167.90 | -3.15 |
| 2025 | 157.00 | 157.50 | 157.25 | -2.60 |
| 2026 | 148.35 | 148.85 | 148.60 | -2.05 |
| fob Richards Bay South | Africa API 4 | | | |
| February | 174.20 | 174.70 | 174.45 | -7.85 |
| March | 174.60 | 175.10 | 174.85 | -5.40 |
| April | 163.75 | 164.25 | 164.00 | -6.15 |
| 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 |
| 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 |
| 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 |
| 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 |
| 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 |
| 2024 | 153.65 | 154.15 | 153.90 | -2.85 |
| 2025 | 146.25 | 146.75 | 146.50 | -2.60 |
| 2026 | 138.85 | 139.35 | 139.10 | -2.35 |
| API 2 premium to API 4 | | | | |
| Prompt | -3.95 | -3.45 | -3.70 | +0.55 |
| South Africa to Europe, | implied freight | rate | | |
| 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 |
| 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 |
| 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 |
| 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 |
| 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 |
| 2024 | 13.20 | 13.30 | 13.25 | -0.30 |
| 2025 | 10.95 | 11.05 | 11.00 | nc |
| 2026 | 8.70 | 8.80 | 8.75 | +0.30 |
## Forward prices $/t
| Forward prices | | $/t |
|--|-|-|
| Timing | Midpoint | + |
| fob Newcastle 5,500 API 5 | | |
| February | 124.75 | -0.55 |
| March | 117.10 | -0.40 |
| 1Q23 | 125.05 | -0.55 |
| 2Q23 | 105.60 | -0.25 |
| 3Q23 | 98.05 | -0.05 |
| 4Q23 | 93.45 | -0.15 |
| 2024 | 84.65 | -1.30 |
[INST]What is the forward sell price of API 2 for 1Q24 as per report dated Friday 7 January 2023?[/INST]172.00</s>
|
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