Prices for ex-Australia premium hard coking coal (PHCC) have gained $3/mt in the latest trade for the Indian market, but overall sentiment has failed to improve much after the continued downtrend since early January and the further decline in tradable prices in China.
A deal for 75,000 mt of Goonyella mid-volatile PHCC for late February-early March laycan has been done at $193/mt FOB, up from the previous tradable level at $190/mt FOB also seen in offers for low-volatile material. Market sources said that demand from Indian mills has started to revive, so traders have managed to pay a higher price for mid-volatile material. Bids have been heard at $191-193/mt FOB and some sources believe that prices have increased further to $195/mt FOB, but a further rise is questionable.
In China, the latest deal for Canadian PHCC has been reported at $175/mt CFR, much lower than the tradable level at $190-195/mt CFR in recent weeks. Some higher grade PHCC can still be accepted by buyers at $180-185/mt CFR, but the market is already almost closed ahead of the long holiday.