Tight supply in the global coking coal market, stemming from heavy weather conditions in the leading supplying regions globally within the past two months, has continued to weigh on sentiments among market insiders. With traders mostly strongly bullish towards the future price trend, bids for coking coal have continued to soar, while offers have remained limited.
In particular, the latest bid for a cargo of 75,000 mt of premium low-volatility hard coking coal (HCCLV) for March shipment has reached $430/mt FOB Australia, adding $10/mt compared to the levels voiced a day earlier. “I think the spot market will remain bullish until the Chinese New Year holiday,” an international trader stated. “For ex-Russia material, bids are also steadily increasing,” he added.