This week, trading in Australian coking coal exports has slowed down slightly, with sellers holding back new offerings, while buyers are concerned about booking material ahead of time, both due to the continued uncertainty regarding the future price trend. Specifically, having voiced bids for premium low-volatility hard coking coal (HCCLV) and mid-volatility hard coking coal (HCCA) this week at $670/mt FOB Australia, for April laycan, customers have failed to find sellers interested in supplies. Likewise, an offer for a 75,000 mt cargo of HCCA, for August loading at $570/mt, has yielded no results so far. “There has been a weird offer for August for two continuous days, remaining out of the range of interest for buyers not willing to risk committing to the cargo in such an environment,” a Singapore-based trader stated. Last week, 35,000 mt of ex-Australia HCCA, for May laycan, was traded at $640/mt FOB.
Indian steelmakers appear to be focusing on searching for ways to cooperate with Russian coal suppliers despite sanctions in order to diversify their supplies from Australia.
By the end of the current week, an Australian company has sold a 110,000 mt cargo of pulverized coal injection (PCI), for April 16-30, on index basis. The material is destined to be shipped to a European steelmaker, according to reliable sources.