The pace of decline of ex-Australia coking coal prices appears to have accelerated lately.” Traders are trying to liquidate their positions, and, overall, sentiments have turned bearish,” a Singapore-based trader commented with regard to the current developments. Accordingly, today, June 1, Australian coking coal suppliers have been ready to sell premium hard coking coal cargoes at $433-436/mt FOB, but have failed to find any customers.
According to sources, customers are hardly ready to pay any price higher than $420/mt FOB for ex-Australia medium volatile premium hard coking coal. “Lately, trading has become scarce, with some mills considering production cutbacks due to the unsustainable demand for finished steel,” a representative of a Japanese steel mill commented.
Earlier, on May 27, medium-volatility premium hard coking coal was traded at $462/mt FOB and $465/mt FOB, as SteelOrbis reported previously.