A fresh deal for ex-Australia coking coal which has surfaced in the market today, February 14, has mitigated supply concerns among market players to some extent. However, some buyers remain quite bullish towards the future market prospects, and so they have continued to raise their bids in order to secure material.
Accordingly, SteelOrbis has learned of a new deal for 35,000 mt of ex-Australia premium mid-volatility hard coking coal, Illawara, at $380/mt FOB, with March 1-15 laycan. Simultaneously, bids from other customers have increased to $390/mt FOB. “It is a tricky business nowadays,” a Singapore-based trader commented with regard to the current market developments.
Meanwhile, coking coal prices at Singapore Exchange (SGX) have continued to move upwards, likewise. Specifically, today, February 14, ex-Australia coking coal prices for February contracts have risen by $1.33/mt compared to the previous levels to $374/mt, while for March contracts prices have increased to $376.5/mt, up $7.17/mt from previous levels.