Coking Coal buyers can now heave a sigh of relief as the prices have started moving downwards, due to improvement in supply.
Import offers have declined to some extent in comparison with that in the week last. The latest import offer of the premium HCC is assessed at USD 308/MT CFR India; and that of the 64 Mid Vol HCC at USD 283.15/MT CFR India.
Source: Market Participants
Australian suppliers have quoted these offers at: USD 297/MT and USD 272.15/MT respectively on FoB Australia basis.
Commenting on the prevailing market scenario, a reputed market participant in Australia told CoalMint that the supply became more or less stable. The imminent storm season in the Queensland region of Australia is posing as a cause of concern in regard to sustainability in the stability in supply, he further said.
In India, the imposition of 2.5% import duty on Coking Coal has been taking a toll on the financials of user-industries. Recently, the Indian Metallurgical Coke Manufacturers’ Association had appealed to the Government of India for removal of the duty.
IMPORTS
Imports of the coal have continued to land at Indian ports as the demand was consistently strong in the country. During the first week of Dec’16, 606.72 ‘000MT of the coal was imported into the country, data compiled by CoalMint Research shows.
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