While buyers have opted to wait for more clarity on the steel outlook after the rebound in China and the recent changes in India’s export tariffs, suppliers of ex-Australia coking coal have decided to continue to decrease their offers in order to attract the attention of buyers.
In particular, a major global steelmaker has decreased the price in its offer for 75,000 mt of Illawara premium hard coking coal, with December 11-20 laycan, to $255/mt FOB, down $5/mt from the offer voiced on Friday, November 18, and down $25/mt from the levels in the middle of the previous week.
Likewise, at Singapore Exchange (SGX) ex-Australia coking coal futures prices have moved down further. Specifically, ex-Australia coking coal futures prices for November contracts have declined by $1/mt from yesterday, November 21, to $284/mt, prices in December contracts have dropped by $1.67/mt today to $258/mt, while for January contracts they have decreased by $1.33/mt to $269.67/mt.