Limited offer volumes for January laycan and rising demand for import coking coal from India have triggered further increase in ex-Australia premium hard coking coal (PHCC) prices, and they may keep moving up this month.
A deal for 75,000 mt of mid-volatile Goonyella PHCC was done at $206.51/mt FOB for mid-January laycan, which is up by $4/mt from yesterday, December 3, and over $6/mt higher compared to the previous deal. The material was purchased by a trader for the Indian market. Bids for PHCC were at $201-203/mt FOB earlier this week.
There have been reports about active negotiations in India held at $223/mt CFR for prompt shipment. Also, a number of Indian mills are going to buy for January, with some sources believing that prices may reach as high as $230/mt CFR. Some Southeast Asian buyers are also in the market for stock replenishment.
At the same time, in China, demand has been weak and local coking coal prices have been moving down. The tradable level for imported PHCC stands at $200-205/mt CFR. Only some sales of Canadian PHCC were reported below $200/mt CFR.
