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####Instruction: What is the forward average price of API 2 for 2025 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 160.25 |
####Instruction: What is the forward buy price of API 2 for 2026 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 151.35 |
####Instruction: What is the forward sell price of API 2 for 2026 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 151.85 |
####Instruction: What is the forward average price of API 2 for 2026 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 151.60 |
####Instruction: What is the forward buy price of API 4 for February as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 177.20 |
####Instruction: What is the forward sell price of API 4 for February as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 177.70 |
####Instruction: What is the forward average price of API 4 for February as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 177.45 |
####Instruction: What is the forward buy price of API 4 for March as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 177.60 |
####Instruction: What is the forward sell price of API 4 for March as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 178.10 |
####Instruction: What is the forward average price of API 4 for March as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 177.85 |
####Instruction: What is the forward buy price of API 4 for April as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 166.75 |
####Instruction: What is the forward sell price of API 4 for April as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 167.25 |
####Instruction: What is the forward average price of API 4 for April as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 167.00 |
####Instruction: What is the forward buy price of API 4 for 1Q23 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 176.20 |
####Instruction: What is the forward sell price of API 4 for 1Q23 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 176.70 |
####Instruction: What is the forward average price of API 4 for 1Q23 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 176.45 |
####Instruction: What is the forward buy price of API 4 for 2Q23 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 163.10 |
####Instruction: What is the forward sell price of API 4 for 2Q23 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 163.60 |
####Instruction: What is the forward average price of API 4 for 2Q23 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 163.35 |
####Instruction: What is the forward buy price of API 4 for 3Q23 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 160.75 |
####Instruction: What is the forward sell price of API 4 for 3Q23 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 161.25 |
####Instruction: What is the forward average price of API 4 for 3Q23 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 161.00 |
####Instruction: What is the forward buy price of API 4 for 4Q23 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 156.50 |
####Instruction: What is the forward sell price of API 4 for 4Q23 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 157.00 |
####Instruction: What is the forward average price of API 4 for 4Q23 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 156.75 |
####Instruction: What is the forward buy price of API 4 for 1Q24 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 152.25 |
####Instruction: What is the forward sell price of API 4 for 1Q24 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 152.75 |
####Instruction: What is the forward average price of API 4 for 1Q24 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 152.50 |
####Instruction: What is the forward buy price of API 4 for 2024 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 156.65 |
####Instruction: What is the forward sell price of API 4 for 2024 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 157.15 |
####Instruction: What is the forward average price of API 4 for 2024 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 156.90 |
####Instruction: What is the forward buy price of API 4 for 2025 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 149.25 |
####Instruction: What is the forward sell price of API 4 for 2025 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 149.75 |
####Instruction: What is the forward average price of API 4 for 2025 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 149.50 |
####Instruction: What is the forward buy price of API 4 for 2026 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 141.85 |
####Instruction: What is the forward sell price of API 4 for 2026 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 142.35 |
####Instruction: What is the forward average price of API 4 for 2026 as per report dated Friday 10 January 2023? ####Context: 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 |
####Response: 142.10 |
####Instruction: What is the forward buy price of API 2 for February as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 175.00 |
####Instruction: What is the forward sell price of API 2 for February as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 175.50 |
####Instruction: What is the forward average price of API 2 for February as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 175.25 |
####Instruction: What is the forward buy price of API 2 for March as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 174.00 |
####Instruction: What is the forward sell price of API 2 for March as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 174.50 |
####Instruction: What is the forward average price of API 2 for March as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 174.25 |
####Instruction: What is the forward buy price of API 2 for April as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 173.00 |
####Instruction: What is the forward sell price of API 2 for April as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 173.50 |
####Instruction: What is the forward average price of API 2 for April as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 173.25 |
####Instruction: What is the forward buy price of API 2 for 1Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 175.70 |
####Instruction: What is the forward sell price of API 2 for 1Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 176.20 |
####Instruction: What is the forward average price of API 2 for 1Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 175.95 |
####Instruction: What is the forward buy price of API 2 for 2Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 173.20 |
####Instruction: What is the forward sell price of API 2 for 2Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 173.70 |
####Instruction: What is the forward average price of API 2 for 2Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 173.45 |
####Instruction: What is the forward buy price of API 2 for 3Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 175.75 |
####Instruction: What is the forward sell price of API 2 for 3Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 176.25 |
####Instruction: What is the forward average price of API 2 for 3Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 176.00 |
####Instruction: What is the forward buy price of API 2 for 4Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 175.25 |
####Instruction: What is the forward sell price of API 2 for 4Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 176.75 |
####Instruction: What is the forward average price of API 2 for 4Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 176.50 |
####Instruction: What is the forward buy price of API 2 for 1Q24 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 175.50 |
####Instruction: What is the forward sell price of API 2 for 1Q24 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 176.00 |
####Instruction: What is the forward average price of API 2 for 1Q24 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 175.75 |
####Instruction: What is the forward buy price of API 2 for 2024 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 171.65 |
####Instruction: What is the forward sell price of API 2 for 2024 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 172.15 |
####Instruction: What is the forward average price of API 2 for 2024 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 171.90 |
####Instruction: What is the forward buy price of API 2 for 2025 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 161.00 |
####Instruction: What is the forward sell price of API 2 for 2025 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 161.50 |
####Instruction: What is the forward average price of API 2 for 2025 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 161.25 |
####Instruction: What is the forward buy price of API 2 for 2026 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 152.35 |
####Instruction: What is the forward sell price of API 2 for 2026 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 152.85 |
####Instruction: What is the forward average price of API 2 for 2026 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 152.60 |
####Instruction: What is the forward buy price of API 4 for February as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 178.20 |
####Instruction: What is the forward sell price of API 4 for February as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 178.70 |
####Instruction: What is the forward average price of API 4 for February as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 178.45 |
####Instruction: What is the forward buy price of API 4 for March as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 178.60 |
####Instruction: What is the forward sell price of API 4 for March as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 179.10 |
####Instruction: What is the forward average price of API 4 for March as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 178.85 |
####Instruction: What is the forward buy price of API 4 for April as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 167.75 |
####Instruction: What is the forward sell price of API 4 for April as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 168.25 |
####Instruction: What is the forward average price of API 4 for April as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 168.00 |
####Instruction: What is the forward buy price of API 4 for 1Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 177.20 |
####Instruction: What is the forward sell price of API 4 for 1Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 177.70 |
####Instruction: What is the forward average price of API 4 for 1Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 177.45 |
####Instruction: What is the forward buy price of API 4 for 2Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 164.10 |
####Instruction: What is the forward sell price of API 4 for 2Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 164.60 |
####Instruction: What is the forward average price of API 4 for 2Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 164.35 |
####Instruction: What is the forward buy price of API 4 for 3Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 161.75 |
####Instruction: What is the forward sell price of API 4 for 3Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 162.25 |
####Instruction: What is the forward average price of API 4 for 3Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 162.00 |
####Instruction: What is the forward buy price of API 4 for 4Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 157.50 |
####Instruction: What is the forward sell price of API 4 for 4Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 158.00 |
####Instruction: What is the forward average price of API 4 for 4Q23 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 157.75 |
####Instruction: What is the forward buy price of API 4 for 1Q24 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 153.25 |
####Instruction: What is the forward sell price of API 4 for 1Q24 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 153.75 |
####Instruction: What is the forward average price of API 4 for 1Q24 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 153.50 |
####Instruction: What is the forward buy price of API 4 for 2024 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 157.65 |
####Instruction: What is the forward sell price of API 4 for 2024 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 158.15 |
####Instruction: What is the forward average price of API 4 for 2024 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 157.90 |
####Instruction: What is the forward buy price of API 4 for 2025 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 150.25 |
####Instruction: What is the forward sell price of API 4 for 2025 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 150.75 |
####Instruction: What is the forward average price of API 4 for 2025 as per report dated Friday 11 January 2023? ####Context: 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 |
####Response: 150.50 |
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