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<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 2025?[/INST]147.75</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 2025?[/INST]147.50</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 2026?[/INST]139.85</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 sell price of API 4 for 2026?[/INST]140.35</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 average price of API 4 for 2026?[/INST]140.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 2 for February?[/INST]173.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 2 for February?[/INST]173.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 2 for February?[/INST]173.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 2 for March?[/INST]172.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 2 for March?[/INST]172.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 2 for March?[/INST]172.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 2 for April?[/INST]171.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 2 for April?[/INST]171.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 2 for April?[/INST]171.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 2 for 1Q23?[/INST]173.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 2 for 1Q23?[/INST]174.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 2 for 1Q23?[/INST]173.95</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2Q23?[/INST]171.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2Q23?[/INST]171.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 2 for 2Q23?[/INST]171.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 2 for 3Q23?[/INST]173.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 2 for 3Q23?[/INST]174.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 2 for 3Q23?[/INST]174.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 2 for 4Q23?[/INST]173.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 2 for 4Q23?[/INST]174.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 2 for 4Q23?[/INST]174.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 2 for 1Q24?[/INST]173.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 2 for 1Q24?[/INST]174.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 2 for 1Q24?[/INST]173.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2024?[/INST]169.65</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2024?[/INST]170.15</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 2 for 2024?[/INST]170.90</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2025?[/INST]159.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2025?[/INST]159.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 2 for 2025?[/INST]159.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2026?[/INST]150.35</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2026?[/INST]150.85</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 2 for 2026?[/INST]150.60</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 4 for February?[/INST]176.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 4 for February?[/INST]176.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 4 for February?[/INST]176.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 4 for March?[/INST]176.60</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 4 for March?[/INST]177.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 4 for March?[/INST]176.85</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 4 for April?[/INST]165.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 4 for April?[/INST]166.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 4 for April?[/INST]166.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 4 for 1Q23?[/INST]175.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 4 for 1Q23?[/INST]175.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 4 for 1Q23?[/INST]175.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2Q23?[/INST]162.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2Q23?[/INST]162.60</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 4 for 2Q23?[/INST]162.35</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 4 for 3Q23?[/INST]159.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 4 for 3Q23?[/INST]160.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 4 for 3Q23?[/INST]160.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 4 for 4Q23?[/INST]155.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 4 for 4Q23?[/INST]156.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 4 for 4Q23?[/INST]155.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 4 for 1Q24?[/INST]151.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 4 for 1Q24?[/INST]151.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 4 for 1Q24?[/INST]151.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2024?[/INST]155.65</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2024?[/INST]156.15</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 4 for 2024?[/INST]155.90</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2025?[/INST]148.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2025?[/INST]148.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 4 for 2025?[/INST]148.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2026?[/INST]140.85</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2026?[/INST]141.35</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 173.00 | 173.50 | 173.25 | -7.30 | | March | 172.00 | 172.50 | 172.25 | -7.55 | | April | 171.00 | 171.50 | 171.25 | -7.35 | | 1Q23 | 173.70 | 174.20 | 173.95 | -6.85 | | 2Q23 | 171.20 | 171.70 | 171.45 | -5.80 | | 3Q23 | 173.75 | 174.25 | 174.00 | -4.40 | | 4Q23 | 173.25 | 174.75 | 174.50 | -3.90 | | 1Q24 | 173.50 | 174.00 | 173.75 | -3.50 | | 2024 | 169.65 | 170.15 | 170.90 | -3.15 | | 2025 | 159.00 | 159.50 | 159.25 | -2.60 | | 2026 | 150.35 | 150.85 | 150.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 176.20 | 176.70 | 176.45 | -7.85 | | March | 176.60 | 177.10 | 176.85 | -5.40 | | April | 165.75 | 166.25 | 166.00 | -6.15 | | 1Q23 | 175.20 | 175.70 | 175.45 | -8.50 | | 2Q23 | 162.10 | 162.60 | 162.35 | -3.95 | | 3Q23 | 159.75 | 160.25 | 160.00 | -4.15 | | 4Q23 | 155.50 | 156.00 | 155.75 | -4.15 | | 1Q24 | 151.25 | 151.75 | 151.50 | -6.40 | | 2024 | 155.65 | 156.15 | 155.90 | -2.85 | | 2025 | 148.25 | 148.75 | 148.50 | -2.60 | | 2026 | 140.85 | 141.35 | 141.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -5.95 | -5.45 | -5.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -4.30 | -4.20 | -4.25 | +1.65 | | 2Q23 | 10.30 | 10.40 | 10.35 | -1.85 | | 3Q23 | 15.20 | 15.30 | 15.25 | -0.25 | | 4Q23 | 19.95 | 20.55 | 20.00 | +0.25 | | 1Q24 | 22.45 | 22.55 | 22.50 | +2.90 | | 2024 | 14.20 | 14.30 | 14.25 | -0.30 | | 2025 | 11.95 | 12.05 | 12.00 | nc | | 2026 | 10.70 | 10.80 | 10.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 126.75 | -0.55 | | March | 119.10 | -0.40 | | 1Q23 | 127.05 | -0.55 | | 2Q23 | 107.60 | -0.25 | | 3Q23 | 100.05 | -0.05 | | 4Q23 | 95.45 | -0.15 | | 2024 | 86.65 | -1.30 | [INST]What is the forward average price of API 4 for 2026?[/INST]141.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward buy price of API 2 for February?[/INST]174.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward sell price of API 2 for February?[/INST]174.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward average price of API 2 for February?[/INST]174.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward buy price of API 2 for March?[/INST]173.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward sell price of API 2 for March?[/INST]173.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward average price of API 2 for March?[/INST]173.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward buy price of API 2 for April?[/INST]172.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward sell price of API 2 for April?[/INST]172.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward average price of API 2 for April?[/INST]172.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward buy price of API 2 for 1Q23?[/INST]174.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward sell price of API 2 for 1Q23?[/INST]175.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward average price of API 2 for 1Q23?[/INST]174.95</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2Q23?[/INST]172.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2Q23?[/INST]172.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward average price of API 2 for 2Q23?[/INST]172.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward buy price of API 2 for 3Q23?[/INST]174.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward sell price of API 2 for 3Q23?[/INST]175.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward average price of API 2 for 3Q23?[/INST]175.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward buy price of API 2 for 4Q23?[/INST]174.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward sell price of API 2 for 4Q23?[/INST]175.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward average price of API 2 for 4Q23?[/INST]175.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward buy price of API 2 for 1Q24?[/INST]175.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward sell price of API 2 for 1Q24?[/INST]175.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward average price of API 2 for 1Q24?[/INST]175.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2024?[/INST]170.65</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2024?[/INST]171.15</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward average price of API 2 for 2024?[/INST]171.90</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2025?[/INST]160.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 174.00 | 174.50 | 174.25 | -7.30 | | March | 173.00 | 173.50 | 173.25 | -7.55 | | April | 172.00 | 172.50 | 172.25 | -7.35 | | 1Q23 | 174.70 | 175.20 | 174.95 | -6.85 | | 2Q23 | 172.20 | 172.70 | 172.45 | -5.80 | | 3Q23 | 174.75 | 175.25 | 175.00 | -4.40 | | 4Q23 | 174.25 | 175.75 | 175.50 | -3.90 | | 1Q24 | 175.50 | 175.00 | 175.75 | -3.50 | | 2024 | 170.65 | 171.15 | 171.90 | -3.15 | | 2025 | 160.00 | 160.50 | 160.25 | -2.60 | | 2026 | 151.35 | 151.85 | 151.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 177.20 | 177.70 | 177.45 | -7.85 | | March | 177.60 | 178.10 | 177.85 | -5.40 | | April | 166.75 | 167.25 | 167.00 | -6.15 | | 1Q23 | 176.20 | 176.70 | 176.45 | -8.50 | | 2Q23 | 163.10 | 163.60 | 163.35 | -3.95 | | 3Q23 | 160.75 | 161.25 | 161.00 | -4.15 | | 4Q23 | 156.50 | 157.00 | 156.75 | -4.15 | | 1Q24 | 152.25 | 152.75 | 152.50 | -6.40 | | 2024 | 156.65 | 157.15 | 156.90 | -2.85 | | 2025 | 149.25 | 149.75 | 149.50 | -2.60 | | 2026 | 141.85 | 142.35 | 142.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -6.95 | -6.45 | -6.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -5.30 | -5.20 | -5.25 | +1.65 | | 2Q23 | 11.30 | 11.40 | 11.35 | -1.85 | | 3Q23 | 16.20 | 16.30 | 16.25 | -0.25 | | 4Q23 | 20.95 | 21.55 | 21.00 | +0.25 | | 1Q24 | 23.45 | 23.55 | 23.50 | +2.90 | | 2024 | 15.20 | 15.30 | 15.25 | -0.30 | | 2025 | 12.95 | 13.05 | 13.00 | nc | | 2026 | 11.70 | 11.80 | 11.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 127.75 | -0.55 | | March | 120.10 | -0.40 | | 1Q23 | 128.05 | -0.55 | | 2Q23 | 108.60 | -0.25 | | 3Q23 | 101.05 | -0.05 | | 4Q23 | 96.45 | -0.15 | | 2024 | 87.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2025?[/INST]160.50</s>