Russian suppliers have managed to take advantage of a reversal of sentiment in the Chinese market, concluding a deal for coking coal at a slightly higher price than in the previous tender. Accordingly, Russia’s Mechel has closed a tender for 21,000 mt of K10 coking coal, for August 4-8 loading at $251.70/mt CFR, compared to 246/mt CFR China in the previous tender on May 31. Following the lifting of the lockdown in Shanghai and the consequent appearance of positive sentiments, such developments in the coking coal segment were quite expected by market insiders. Besides, SteelOrbis has learned of a booking of Mechel's low-volatility pulverized coal injection (PCI) at $222.2/mt CFR China.
Meanwhile, coking coal prices for June contracts at the Singapore Exchange (SGX) have settled at $410/mt, with future prices mostly declining.