Australian Coking Coal: Prices decline further on subdued demand
Seaborne metallurgical coal prices continue plunging due to persistent weakness in the FOB market, as producers keep reducing offers in a desperate attempt to attract buying interest.
China: Market Overview
In China, fresh seaborne trades of Australian premium hard low-volatile coking coal were done at lower level, as steelmakers considered restocking in order to take advantage of competitive pricing compared to domestic coals.
The spot market has therefore been active lately with Chinese end-users buying the cheaper seaborne material.
In the meantime, however, Chinese traders have been adopting a cautious approach, in light of the ongoing restrictions imposed at several major seaborne coal handling ports, including China’s main coking coal import port of Jingtang located in the northeastern Hebei Province.
Chinese officials had reportedly begun restricting customs clearance declarations to only local end users from the past two weeks — and overseas trading entities have thus effectively been debarred from unloading their imported coal cargoes at the ports of Jingtang and Caofeidian.
India: Current Market Scenario
Indian end-users are very cautious at the moment even as the seaborne price levels are certainly attractive for buying spot cargoes. Sources claim that most steel mills are well covered until the end of monsoon, and seem to wait for prices to come down further and possibly hit rock bottom in August.
PRICE ASSESSMENTS
Latest offers for the Premium HCC grade are assessed at around USD 165.50/MT FOB Australia, lower by USD 8.10/MT than the average rate of USD 173.60/MT prevailing in the week gone by (22-26 Jul’19).
Offers for the 64 Mid Vol HCC grade are assessed at around USD 159.00/MT FOB Australia.
For Indian buyers, the above offers amount to USD 180.00/MT and USD 173.50/MT respectively on CNF India basis.
source: SteelMint
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