A new deal for ex-Australia premium hard coking coal (PHCC) has been signed only slightly above the previous level, and most market sources believe that this is a sign that the prices have reached the ceiling and that buyers will not support further hikes.
A deal for 75,000 mt of mid-volatile Goonyella PHCC for late February-early March laycan was done at $253.25/mt FOB, increasing by $1.25/mt from the previous bids. The material will be for the Indian market, but most end-users are not willing to pay above $255-260/mt on CFR basis. Though delays in shipments from Australia still exist, the panic regarding supply disruptions has started to fade.
There has been no support from China, while most buyers have already restocked ahead of the long holiday. The latest tradable level for import hard coking coal was at $192-195/mt CFR, while no booking for premium materials has been reported over the past week.
