Coking Coal offers have hovered almost at the rates prevailed the week last.
Spot prices of Coking Coal have stagnated as import demand from Chinese steel makers went somewhat lower. Coking Coal prices in the Australian market were subjected to marginal upward drifts after the imports from China intensified following the coal import ban by the Chinese government from North Korea.
By now, the Chinese steel makers have stocked the coal inventories sufficiently, necessitating lesser imports, which prevented Coking Coal prices from moving upwards.
The latest import offer for the Premium HCC is assessed almost unchanged at around USD 173.70/MT CFR India; and that for the 64 Mid Vol at around USD 162.70/MT CFR India, almost at around the week-ago rate.
Source: CoalMint Research
Australian sellers have quoted these offers at: USD 162/MT and USD 151/MT respectively on FoB basis.
In India demand for the coal is expected to go up as steel production is going to increase. The Steel Ministry is heard to be working towards revitalizing the steel industry in the country.
IMPORTS
India’s Coking Coal imports had fallen by around 5.2% in Feb’17 in comparison with that in Jan’17. According to the data compiled by CoalMint Research, around 3.8 MnT was imported into the country in Feb’17 against the imports of around 4.01 MnT in the previous month.
The decrease in imports during the month could be attributed to low demand from the Met Coke industry. Falling Coking Coal prices had prompted Met Coke producers to postpone imports in the prospect to the coal prices to go down to significant levels.
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