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<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2026?[/INST]148.85</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 2 for 2026?[/INST]148.60</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward buy price of API 4 for February?[/INST]174.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 4 for February?[/INST]174.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 4 for February?[/INST]174.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward buy price of API 4 for March?[/INST]174.60</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 4 for March?[/INST]175.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 4 for March?[/INST]174.85</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward buy price of API 4 for April?[/INST]163.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 4 for April?[/INST]164.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 4 for April?[/INST]164.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward buy price of API 4 for 1Q23?[/INST]173.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 4 for 1Q23?[/INST]173.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 4 for 1Q23?[/INST]173.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2Q23?[/INST]160.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2Q23?[/INST]160.60</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 4 for 2Q23?[/INST]160.35</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward buy price of API 4 for 3Q23?[/INST]157.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 4 for 3Q23?[/INST]158.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 4 for 3Q23?[/INST]158.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward buy price of API 4 for 4Q23?[/INST]153.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 4 for 4Q23?[/INST]154.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 4 for 4Q23?[/INST]153.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward buy price of API 4 for 1Q24?[/INST]149.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 4 for 1Q24?[/INST]149.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 4 for 1Q24?[/INST]149.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2024?[/INST]153.65</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2024?[/INST]154.15</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 4 for 2024?[/INST]153.90</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2025?[/INST]146.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2025?[/INST]146.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 4 for 2025?[/INST]146.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2026?[/INST]138.85</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2026?[/INST]139.35</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 4 for 2026?[/INST]139.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward buy price of API 2 premium to API 4 for Prompt?[/INST]-3.95</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward sell price of API 2 premium to API 4 for Prompt?[/INST]-3.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 2 premium to API 4 for Prompt?[/INST]-3.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 171.00 | 171.50 | 171.25 | -7.30 | | March | 170.00 | 170.50 | 170.25 | -7.55 | | April | 169.00 | 169.50 | 169.25 | -7.35 | | 1Q23 | 171.70 | 172.20 | 171.95 | -6.85 | | 2Q23 | 169.20 | 169.70 | 169.45 | -5.80 | | 3Q23 | 171.75 | 172.25 | 172.00 | -4.40 | | 4Q23 | 171.25 | 172.75 | 172.50 | -3.90 | | 1Q24 | 171.50 | 172.00 | 171.75 | -3.50 | | 2024 | 167.65 | 168.15 | 167.90 | -3.15 | | 2025 | 157.00 | 157.50 | 157.25 | -2.60 | | 2026 | 148.35 | 148.85 | 148.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 174.20 | 174.70 | 174.45 | -7.85 | | March | 174.60 | 175.10 | 174.85 | -5.40 | | April | 163.75 | 164.25 | 164.00 | -6.15 | | 1Q23 | 173.20 | 173.70 | 173.45 | -8.50 | | 2Q23 | 160.10 | 160.60 | 160.35 | -3.95 | | 3Q23 | 157.75 | 158.25 | 158.00 | -4.15 | | 4Q23 | 153.50 | 154.00 | 153.75 | -4.15 | | 1Q24 | 149.25 | 149.75 | 149.50 | -6.40 | | 2024 | 153.65 | 154.15 | 153.90 | -2.85 | | 2025 | 146.25 | 146.75 | 146.50 | -2.60 | | 2026 | 138.85 | 139.35 | 139.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -3.95 | -3.45 | -3.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -2.30 | -2.20 | -2.25 | +1.65 | | 2Q23 | 8.30 | 8.40 | 8.35 | -1.85 | | 3Q23 | 13.20 | 13.30 | 13.25 | -0.25 | | 4Q23 | 17.95 | 18.55 | 18.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 8.70 | 8.80 | 8.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 124.75 | -0.55 | | March | 117.10 | -0.40 | | 1Q23 | 125.05 | -0.55 | | 2Q23 | 105.60 | -0.25 | | 3Q23 | 98.05 | -0.05 | | 4Q23 | 93.45 | -0.15 | | 2024 | 84.65 | -1.30 | [INST]What is the forward average price of API 4 for 2026?[/INST]139.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 2 for February?[/INST]172.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 2 for February?[/INST]172.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 2 for February?[/INST]172.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 2 for March?[/INST]171.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 2 for March?[/INST]171.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 2 for March?[/INST]171.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 2 for April?[/INST]170.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 2 for April?[/INST]170.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 2 for April?[/INST]170.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 2 for 1Q23?[/INST]172.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 2 for 1Q23?[/INST]173.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 2 for 1Q23?[/INST]172.95</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2Q23?[/INST]170.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2Q23?[/INST]170.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 2 for 2Q23?[/INST]170.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 2 for 3Q23?[/INST]172.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 2 for 3Q23?[/INST]173.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 2 for 3Q23?[/INST]173.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 2 for 4Q23?[/INST]172.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 2 for 4Q23?[/INST]173.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 2 for 4Q23?[/INST]173.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 2 for 1Q24?[/INST]172.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 2 for 1Q24?[/INST]173.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 2 for 1Q24?[/INST]172.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2024?[/INST]168.65</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2024?[/INST]169.15</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 2 for 2024?[/INST]169.90</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2025?[/INST]158.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2025?[/INST]158.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 2 for 2025?[/INST]158.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2026?[/INST]149.35</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2026?[/INST]149.85</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 2 for 2026?[/INST]149.60</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 4 for February?[/INST]175.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 4 for February?[/INST]175.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 4 for February?[/INST]175.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 4 for March?[/INST]175.60</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 4 for March?[/INST]176.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 4 for March?[/INST]175.85</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 4 for April?[/INST]164.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 4 for April?[/INST]165.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 4 for April?[/INST]165.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 4 for 1Q23?[/INST]174.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 4 for 1Q23?[/INST]174.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 4 for 1Q23?[/INST]174.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2Q23?[/INST]161.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2Q23?[/INST]161.60</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 4 for 2Q23?[/INST]161.35</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 4 for 3Q23?[/INST]158.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 4 for 3Q23?[/INST]159.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 4 for 3Q23?[/INST]159.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 4 for 4Q23?[/INST]154.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 4 for 4Q23?[/INST]155.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 4 for 4Q23?[/INST]154.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 4 for 1Q24?[/INST]150.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 4 for 1Q24?[/INST]150.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 4 for 1Q24?[/INST]150.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2024?[/INST]154.65</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2024?[/INST]155.15</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward average price of API 4 for 2024?[/INST]154.90</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 172.00 | 172.50 | 172.25 | -7.30 | | March | 171.00 | 171.50 | 171.25 | -7.55 | | April | 170.00 | 170.50 | 170.25 | -7.35 | | 1Q23 | 172.70 | 173.20 | 172.95 | -6.85 | | 2Q23 | 170.20 | 170.70 | 170.45 | -5.80 | | 3Q23 | 172.75 | 173.25 | 173.00 | -4.40 | | 4Q23 | 172.25 | 173.75 | 173.50 | -3.90 | | 1Q24 | 172.50 | 173.00 | 172.75 | -3.50 | | 2024 | 168.65 | 169.15 | 169.90 | -3.15 | | 2025 | 158.00 | 158.50 | 158.25 | -2.60 | | 2026 | 149.35 | 149.85 | 149.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 175.20 | 175.70 | 175.45 | -7.85 | | March | 175.60 | 176.10 | 175.85 | -5.40 | | April | 164.75 | 165.25 | 165.00 | -6.15 | | 1Q23 | 174.20 | 174.70 | 174.45 | -8.50 | | 2Q23 | 161.10 | 161.60 | 161.35 | -3.95 | | 3Q23 | 158.75 | 159.25 | 159.00 | -4.15 | | 4Q23 | 154.50 | 155.00 | 154.75 | -4.15 | | 1Q24 | 150.25 | 150.75 | 150.50 | -6.40 | | 2024 | 154.65 | 155.15 | 154.90 | -2.85 | | 2025 | 147.25 | 147.75 | 147.50 | -2.60 | | 2026 | 139.85 | 140.35 | 140.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -4.95 | -4.45 | -4.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -3.30 | -3.20 | -3.25 | +1.65 | | 2Q23 | 9.30 | 9.40 | 9.35 | -1.85 | | 3Q23 | 14.20 | 14.30 | 14.25 | -0.25 | | 4Q23 | 18.95 | 19.55 | 19.00 | +0.25 | | 1Q24 | 21.45 | 21.55 | 21.50 | +2.90 | | 2024 | 13.20 | 13.30 | 13.25 | -0.30 | | 2025 | 10.95 | 11.05 | 11.00 | nc | | 2026 | 9.70 | 9.80 | 9.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 125.75 | -0.55 | | March | 118.10 | -0.40 | | 1Q23 | 126.05 | -0.55 | | 2Q23 | 106.60 | -0.25 | | 3Q23 | 99.05 | -0.05 | | 4Q23 | 94.45 | -0.15 | | 2024 | 85.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2025?[/INST]147.25</s>