During the week ending November 26, import quotations for coking coal in China have moved down sharply from the previous high levels. The drop has also been seen in the local coke prices in the country.
Prices for premium hard coking coal from Canada have dropped by $62/mt over the past week, coming down to $395/mt CFR, while prices for ex-US premium material have decreased to $40-405/mt CFR. Lower quality ex-Russia coal has been priced at $310/mt CFR, down by $35/mt over the past week.
FOB quotations of premium hard coking coal from Australia are equivalent to $333/mt CFR China, down $51/mt compared to the level last week. Hard coking coal prices correspond to $265/mt CFR, down $46.5/mt.
Coke prices in Tangshan are at RMB 2,560/mt ($400.4/mt) ex-warehouse, moving down by RMB 600/mt ($93.8/mt) compared to November 19, according to SteelOrbis’ data.
During the given week, coke prices in the Chinese domestic market have indicated a sharp decline. But the inventory of coke has declined, which may provide support for its prices as market players’ sentiments have improved to some extent. It is thought that coke prices may fluctuate within a limited range in the coming week.
As of Friday, November 26, coke futures prices at Dalian Commodity Exchange (DCE) are at RMB 2,857/mt ($447/mt), rising by RMB 55.5/mt ($8.7/mt) or 1.98 percent compared to November 19.
$1 = RMB 6.3936