Prices for ex-Australia premium hard coking coal (PHCC) have surged amid active interest in purchases by Chinese traders and the overall bullish conditions in the Chinese steel market. Two deals for 40,000 mt of mid-volatile Goonyella PHCC each were done at $207.9/mt FOB and $207.77/mt FOB, both for November laycan. Market sources said that the price will increase even more since after these deals the steel market has posted sharp rises today, September 30, due to the new stimulus measures in China, and so the optimism for the post-holiday period remains.
A deal for ex-US PHCC was signed at $211/mt CFR China, while ex-Australia PHCC offers for October laycan are at $218-220/mt CFR.
The Indian market has been lagging behind with bids at $200-203/mt CFR.
The SteelOrbis reference price for Australian PHCC has increased by $16.8/mt to $207.8/mt FOB.
