Thermal coal exports out of South Africa's Richards Bay Coal Terminal soared to 6.99 million mt of coal in August, the highest monthly figure since October last year, the facility said Tuesday.

August shipments were up over 60% from July and 28% year-on-year, with railings into the terminal also increasing, up by nearly 16% on July to 6.58 million mt, carried by 856 trains.

Stocks at RBCT edged down 5% on-month to just under 4 million mt at the end of August, over 4% higher than a year earlier.

Trading sources said that with Richards Bay October prices currently around $119.50/mt, prompt South African coal is currently not pricing into any of its regular export markets including India, China and Europe.

But one source said traders with long positions were sending South African coal to Europe as recent strength in the API2 coal swaps market presented the best arbitrage opportunities "although some will still be making a loss."