There has been no significant change in the international Coking Coal market during the last seven days. The prices have continued to slide, and buyers were waiting for the prices to fall to the maximum levels, and thereafter they will restart their coal purchases.
As buyers have sidelined, sellers were left with no other option but to bring down their spot prices. According to the inputs received, the buyers have even considered the prevailing coal prices to be high, and expected the prices to decline to sub-USD 200/MT levels.
Export offers for the Premium HCC have sunk to around USD 224.50/MT FoB Australia, down by around USD 12/MT over the week-ago offers. Likewise, export offers for the 64 Mid Vol HCC also have drifted down by around USD 4.16/MT, against the offers in the week last, to around USD 181.45/MT FoB Australia.
Source: CoalMint Research
For Indian buyers, these offers translate into USD 237.75/MT and USD 194.70/MT respectively on CFR India basis.
A Canadian Coking Coal offers was heard at around USD 201/MT FoB.
During the 1-22Jan’18 period, around 3.4 MnT of Coking Coal imports had landed at Indian ports, data compiled by CoalMint Research shows.
In the meantime, a rumor has been reverberating across the industry circles that the import duty of 2.5% on Coking Coal imports is likely to be removed in the next budget.
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