Datasets:
Ramyashree
/
sample-dataset7

Dataset card Data Studio Files
xet
Community
1
text
stringlengths
725
2.04k
<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 2025?[/INST]160.25</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 2026?[/INST]151.35</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 2026?[/INST]151.85</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 2026?[/INST]151.60</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 4 for February?[/INST]177.20</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 4 for February?[/INST]177.70</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 4 for February?[/INST]177.45</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 4 for March?[/INST]177.60</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 4 for March?[/INST]178.10</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 average price of API 4 for March?[/INST]177.85</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 4 for April?[/INST]166.75</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 4 for April?[/INST]167.25</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 4 for April?[/INST]167.00</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 4 for 1Q23?[/INST]176.20</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 4 for 1Q23?[/INST]176.70</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 4 for 1Q23?[/INST]176.45</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 4 for 2Q23?[/INST]163.10</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 sell price of API 4 for 2Q23?[/INST]163.60</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 4 for 2Q23?[/INST]163.35</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 4 for 3Q23?[/INST]160.75</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 4 for 3Q23?[/INST]161.25</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 4 for 3Q23?[/INST]161.00</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 4 for 4Q23?[/INST]156.50</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 4 for 4Q23?[/INST]157.00</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 4 for 4Q23?[/INST]156.75</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 4 for 1Q24?[/INST]152.25</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 4 for 1Q24?[/INST]152.75</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 4 for 1Q24?[/INST]152.50</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 4 for 2024?[/INST]156.65</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 4 for 2024?[/INST]157.15</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 4 for 2024?[/INST]156.90</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 4 for 2025?[/INST]149.25</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 4 for 2025?[/INST]149.75</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 4 for 2025?[/INST]149.50</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 4 for 2026?[/INST]141.85</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 4 for 2026?[/INST]142.35</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 4 for 2026?[/INST]142.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 2 for February?[/INST]175.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 2 for February?[/INST]175.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 2 for February?[/INST]175.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 2 for March?[/INST]174.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 2 for March?[/INST]174.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 2 for March?[/INST]174.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 2 for April?[/INST]173.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 2 for April?[/INST]173.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 2 for April?[/INST]173.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 2 for 1Q23?[/INST]175.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 2 for 1Q23?[/INST]176.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 2 for 1Q23?[/INST]175.95</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2Q23?[/INST]173.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2Q23?[/INST]173.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 2 for 2Q23?[/INST]173.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 2 for 3Q23?[/INST]175.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 2 for 3Q23?[/INST]176.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 2 for 3Q23?[/INST]176.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 2 for 4Q23?[/INST]175.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 2 for 4Q23?[/INST]176.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 2 for 4Q23?[/INST]176.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 2 for 1Q24?[/INST]176.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 2 for 1Q24?[/INST]176.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 2 for 1Q24?[/INST]176.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2024?[/INST]171.65</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2024?[/INST]172.15</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 2 for 2024?[/INST]172.90</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2025?[/INST]161.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2025?[/INST]161.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 2 for 2025?[/INST]161.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 2 for 2026?[/INST]152.35</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 2 for 2026?[/INST]152.85</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 2 for 2026?[/INST]152.60</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 4 for February?[/INST]178.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 4 for February?[/INST]178.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 4 for February?[/INST]178.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 4 for March?[/INST]178.60</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 4 for March?[/INST]179.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 4 for March?[/INST]178.85</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 4 for April?[/INST]167.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 4 for April?[/INST]168.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 4 for April?[/INST]168.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 4 for 1Q23?[/INST]177.20</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 4 for 1Q23?[/INST]177.70</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 4 for 1Q23?[/INST]177.45</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2Q23?[/INST]164.10</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2Q23?[/INST]164.60</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 4 for 2Q23?[/INST]164.35</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 4 for 3Q23?[/INST]161.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 4 for 3Q23?[/INST]162.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 4 for 3Q23?[/INST]162.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 4 for 4Q23?[/INST]157.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 4 for 4Q23?[/INST]158.00</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 4 for 4Q23?[/INST]157.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 4 for 1Q24?[/INST]153.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 4 for 1Q24?[/INST]153.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 4 for 1Q24?[/INST]153.50</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2024?[/INST]157.65</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2024?[/INST]158.15</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 4 for 2024?[/INST]157.90</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward buy price of API 4 for 2025?[/INST]150.25</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward sell price of API 4 for 2025?[/INST]150.75</s>
<s>Forward prices | Forward prices | | | | $/t | |--|-|-|-|-| | Timing | Buy | Sell | Average | + | | cif ARA (Rotterdam) API | 2 | | | | | February | 175.00 | 175.50 | 175.25 | -7.30 | | March | 174.00 | 174.50 | 174.25 | -7.55 | | April | 173.00 | 173.50 | 173.25 | -7.35 | | 1Q23 | 175.70 | 176.20 | 175.95 | -6.85 | | 2Q23 | 173.20 | 173.70 | 173.45 | -5.80 | | 3Q23 | 175.75 | 176.25 | 176.00 | -4.40 | | 4Q23 | 175.25 | 176.75 | 176.50 | -3.90 | | 1Q24 | 176.50 | 176.00 | 176.75 | -3.50 | | 2024 | 171.65 | 172.15 | 172.90 | -3.15 | | 2025 | 161.00 | 161.50 | 161.25 | -2.60 | | 2026 | 152.35 | 152.85 | 152.60 | -2.05 | | fob Richards Bay South | Africa API 4 | | | | | February | 178.20 | 178.70 | 178.45 | -7.85 | | March | 178.60 | 179.10 | 178.85 | -5.40 | | April | 167.75 | 168.25 | 168.00 | -6.15 | | 1Q23 | 177.20 | 177.70 | 177.45 | -8.50 | | 2Q23 | 164.10 | 164.60 | 164.35 | -3.95 | | 3Q23 | 161.75 | 162.25 | 162.00 | -4.15 | | 4Q23 | 157.50 | 158.00 | 157.75 | -4.15 | | 1Q24 | 153.25 | 153.75 | 153.50 | -6.40 | | 2024 | 157.65 | 158.15 | 157.90 | -2.85 | | 2025 | 150.25 | 150.75 | 150.50 | -2.60 | | 2026 | 142.85 | 143.35 | 143.10 | -2.35 | | API 2 premium to API 4 | | | | | | Prompt | -7.95 | -7.45 | -7.70 | +0.55 | | South Africa to Europe, | implied freight | rate | | | | 1Q23 | -6.30 | -6.20 | -6.25 | +1.65 | | 2Q23 | 12.30 | 12.40 | 12.35 | -1.85 | | 3Q23 | 17.20 | 17.30 | 17.25 | -0.25 | | 4Q23 | 21.95 | 22.55 | 22.00 | +0.25 | | 1Q24 | 24.45 | 24.55 | 24.50 | +2.90 | | 2024 | 16.20 | 16.30 | 16.25 | -0.30 | | 2025 | 13.95 | 14.05 | 14.00 | nc | | 2026 | 12.70 | 12.80 | 12.75 | +0.30 | ## Forward prices $/t | Forward prices | | $/t | |--|-|-| | Timing | Midpoint | + | | fob Newcastle 5,500 API 5 | | | | February | 128.75 | -0.55 | | March | 121.10 | -0.40 | | 1Q23 | 129.05 | -0.55 | | 2Q23 | 109.60 | -0.25 | | 3Q23 | 102.05 | -0.05 | | 4Q23 | 97.45 | -0.15 | | 2024 | 88.65 | -1.30 | [INST]What is the forward average price of API 4 for 2025?[/INST]150.50</s>