Prices of spot coking coal fall on low buying interest at current offers, that moved up over the last two weeks although not commanding a strong buying scenario.
Currently, the market for Premium Low-volume grade is at $146.50/MT (FOB Queensland) i.e. down by $2/MT from the previous close and that of HCC 64 Mid-volume is at $126/MT (FOB) i.e. down by $1/MT from the last change.
Traders are of view that the recent price improvement was seen on the back of restocking which of course is a short term activity and as expected such upside did not sustain long.
Also, weather in Queensland's Coking coal producing basin is expected to be wet than normal, with 55-60% chance of above rainfall between November to January 2013 according to Australian Bureau of Meteorology which will affect the mining of coking coal.
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