Australian coking coal suppliers have found themselves at an impasse, stemming from lower bids voiced by customers more and more aggressively lately. Although some sellers are highly flexible in giving lower prices, buyers continue to exert further pressure further.
Accordingly, on Tuesday, July 20 a 75,00 mt cargo of premium mid-volatile hard coking coal (HCCA), unbranded, with August laycan was traded at $225/mt FOB. Afterwards, buyers have become very determined to get a price below $200/mt FOB in the coming deals. As SteelOrbis has reported earlier, in the middle of last week, a 75,000 mt cargo of HCCA, with September 1-10 laycan was traded at $235/mt FOB.
On balance, sentiments in the coking coal market have remained highly bearish, mostly affected by a prevailing skepticism towards the prospects for any positive future changes in the steel industry.