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Lack of buying interest still affect coking coal spot prices
A still quiet steel market and lower-priced domestic coking coal are still severely limiting China’s buying interest for seaborne coking coal, market sources said Friday
Platts adjusted its Australian mid-vol HCC export price down by $1/mt to
$176/mt FOB Hay Point. The Chinese and Indian import prices also lost
$1/mt to $190/mt CFR North China and $199/mt CFR Paradip.
A trader in Hong Kong Friday reported hearing slightly higher spot price
offers for Australian hard coking coal than previously. This follows
from a $10/mt increase in offers from a large Russian producer at the
start of the week. “They suddenly feel the market has improved,” the
trader said.
A mill source in Shandong province said high quality Chinese coking coal
was being offered at Yuan 1,500/mt delivered including VAT, or a CFR
equivalent of $174/mt after deducting 17% VAT and Yuan 100/mt in
freight. This price has been reasonably stable for the past month,
moving by a maximum of around Yuan 50/mt, according to market data
collected by Platts.
The mill source described the local steel market as “decreasing,” with many offers and few bids.
In India, a steelmaker also painted a bleak picture of his domestic
market, dismissing the idea that it had hit a bottom yet. The mill
source said he had delayed some coking coal shipments in July, and has
been asked by Australian producers to bring forward September shipments
of hard and semi-hard coking coal.
A major coke maker was more optimistic, saying that every week sentiment
was more positive. He said he would consider paying $175-185/mt FOB
Australia for premium hard coking coal, although he had no immediate
requirements.
Source: Platts
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