Prices for ex-Australia premium hard coking coal have slipped below $290/mt FOB yesterday, on April 6, which has been confirmed in a deal. Moreover, lower bids have kept emerging and most market sources believe that the market has not reached the bottom.
A tender for 25,000 mt of ex-Australia premium mid-volatile hard coking coal has been closed at $287-290/mt FOB with the option to supply one of the listed brands (GYC/GYCC/RVC), with May 15-24 laycan. According to market sources, it has been purchased by the Indian trader, but not necessarily will go to Indian mill. Previous deal for a Panamax vessel of ex-Australia premium low-volatile hard coking coal was done at $292/mt FOB on Tuesday, down from the previous trade at $302/mt FOB done last Thursday.
Moreover, market sources reported about bids at $280-285/mt FOB for premium hard coking coal from Australia. One source claimed that there was a Chinese buyer ready to pay $295/mt CFR for low-volatile material, which translates to $280/mt FOB. “$295/mt CFR is reasonable as domestic coking coal price is now at $300/mt CFR China,” another source said.
