The seaborne premium hard coking coal price stayed large stable in the cfr market because most market participants adopted a wait-and-see attitude on Tuesday June 29, market sources said, while the price of premium hard coking coal fob DBCT inched higher on buying interest.
Fastmarkets indices
Premium hard coking coal, fob DBCT: $184.92 per tonne, up $1.10 per tonne
Premium hard coking coal, cfr Jingtang: $306.69 per tonne, up $0.19 per tonne
Hard coking coal, fob DBCT: $159.92 per tonne, up $0.33 per tonne
Hard coking coal, cfr Jingtang: $267.09 per tonne, up $0.42 per tonne
The metallurgical coke market in China remained largely stable from June 22 to June 29 because coke producers and steel mills in north China are under production restrictions until July 2, market sources said.
The export price for met coke from China also remained flat week on week without deals reported.
Some traders mentioned a lack of reselling opportunities of met coke to other countries because of tight domestic supply.
“The ports [in north China] are also required to idle operations from June 28 to July 1 to provide a ‘safe and clean’ environment, most people are just waiting for more [market] dynamics next week,” a coke trader source from Beijing said.
Fastmarkets’ assessment for coke 65% CSR, fob China was $470-$495 per tonne on June 29, flat week on week.
Seaborne coking coal market was quiet on Tuesday amid weak buying interest, sources said.
The offers for United States-origin hard coking coal ranged between $266-$268 per tonne cfr China, yet buying interest is limited.
Market Chatter
“We can further negotiate the price if there is firm buying interest, but most people are choosing to wait until after July 1,” a Beijing-based trader said.
A few trader sources mentioned that the market is full of uncertainties.
The fob coking coal market was quiet on Tuesday. The bid for Australia premium low-volatility hard coking coal increased to $187 per tonne fob Australia for August-laycan cargo on the Global Coal platform, up by $2 per tonne fob Australia compared with Monday. There were no offers or deals concluded on Tuesday.
A Singapore-based steel mill said the increased bid may come from a trading house because some mills show weak buying interest at the current price level.
Another mill source from India said they may consider buying premium mid-volatility hard coking coal at about $175 per tonne fob Australia.
“The current market is too high to take positions,” the same source added.
Other market sources are uncertain about the Australian coking coal supply for August-laycan and have adopted a wait-and-see attitude in procurement.
Dalian Commodity Exchange
The most-traded September coking coal futures contract closed at 1,943.50 yuan ($300.87) per tonne on Tuesday June 29, down by 34.50 yuan per tonne day on day.
The most-traded September coke contract closed at 2,632 yuan per tonne on Tuesday June 29, down by 81.50 yuan per tonne day on day.
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