After a steady rise over the last couple of months, seaborne coking coal prices started easing in September mainly due to low procurement by China, industry sources said.
The prices breached the $200 FOB level in the first week of October, according to information available with Steel Insights.
The premium variety was quoted lower at $187 per ton FOB Australia on October 3, 2017 as against $211 per ton FOB Australia on August 31, 2017. Peak Down prices were quoted at $188 per ton FOB Australia on October 3, 2017 as compared to $212 per ton FOB Australia on August 31.
Offers of seaborne coking coal cargoes to Chinese buyers are falling, and it is difficult to say where they will bottom out, sources say. The offer spread for second-tier cargoes to China has also widened.
Chinese end-users of seaborne coking coal have stopped making purchases ahead of measures to cut emissions to be implemented from next month, sources said.
“Some traders are still in the market with the hope that the impact of steel production cuts in China would not be too pronounced and demand will continue to hold in the coming weeks,” a source said. Trading sources said they have no need for spot coking coal cargoes, and expect prices for premium cargoes to drop further.
Denne historien er fra October 2017-utgaven av Steel Insights.
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Denne historien er fra October 2017-utgaven av Steel Insights.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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