ArcelorMittal Sourcing, the distributor for leading global steelmaker ArcelorMittal, has decided to extend the deadline for a tender for coking coal due to the unfavorable market conditions until tomorrow, April 6. Accordingly, having floated on April 5 a tender for 70,000 mt of ex-Australia low-volatility Peak Downs coking coal, for 5-14 May laycan, the company received only one bid at $343/mt FOB Australia, which is considered by the company as unworkable. “There is no trade so far. All eyes are on the results of ArcelorMittal's tender,” a trader commented with regard to the current situation.
Overall, spot trading activity in the coking coal market has waned significantly in recent days following a rapid spread of negative sentiment. As SteelOrbis reported earlier, in late March bids were voiced at $400/mt FOB Australia at the highest.