Import coking coal prices in China see gradual rise, outlook strong

Friday, 08 October 2021 16:12:09 (GMT+3)   |   Shanghai

During the week ending October 8, import coking coal quotations in China have continued to rise and the overall outlook is still upward due to limited supply from overseas and the tightening of local production in Shaanxi Province.  

Quotations of premium hard coking coal from the US have been at $607/mt CFR, up $7/mt since late September, while the price level for ex-Canada coal has been at $590-595/mt CFR. Lower quality coking coal from Russia is priced at $430/mt CFR. Heavy rains in the main coal producing province Shaanxi may impact production and result in an even bigger shortage in China. This is likely to support import coking coal prices in the near future.

At the same time, lower trading from Australia has resulted in some decline in export prices from this country. Quotations of premium hard coking coal from Australia are equivalent to $425/mt CFR China, down $7/mt week on week after the big rises recorded in the previous week. Hard coking coal prices correspond to $336/mt CFR, down $3/mt week on week after the increases in the previous week.

Coke prices in Tangshan are at RMB 4,160/mt ($644/mt) ex-warehouse, moving sideways compared to September 24, according to SteelOrbis’ data.

Coke prices in the Chinese domestic market have remained stable following the long National Day holiday. Production restrictions for coke have continued, which will bolster coke prices to some extent. However, demand for coke from downstream steelmakers has also remained slack due to the impact of the holiday.

As of Friday, October 8, coke futures prices at Dalian Commodity Exchange (DCE) are at RMB 3,505/mt ($543/mt), increasing by RMB 307.5/mt ($47.6/mt) or 9.6 percent compared to September 24.

$1 = RMB 6.4604

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