Australian premium hard coking coal prices have leaped sharply over the last couple of days – following a consistent decline during the past few weeks – on the back of incremental buying interests among end-users in China.
A plethora of recent transactions were heard to have been concluded at prices above the prevailing rates in the Chinese metallurgical coal market.
Market sources indicated that the seaborne coking coal market appears to have rebounded now after prices had hit rock bottom by the previous week end.
Further, the Chinese met coal sellers could have been possibly prompted to issue higher offers, in response to a potential increase of met coke prices in the domestic market.
However, as the supply situation of premium coking coal has normalized with improving weather conditions in Australia, seaborne prices might encounter negative pressure against further growth.
Meanwhile, the Indian demand for imported coking coal has stayed healthy, with most end-users looking at forward booking cargoes with laydays cancelling dates for late-May and early-June.
PRICE ASSESSMENTS
Latest offers for the Premium HCC grade are assessed at around USD 206/MT FOB Australia, higher by about USD 3.06/MT than the average rate of USD 202.94/MT that prevailed in the week gone by (8-12 Apr’19).
Offers for the 64 Mid Vol HCC grade are assessed at around USD 179/MT FOB Australia.
For Indian buyers, the above offers amount to USD 217.85/MT and USD 190.85/MT respectively on CNF India basis.
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