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“Traders who had built up their inventories are panicking because, while they are trying to sell their cargoes at the ports, steel mills are reluctant to buy because they have ample stockpiles,” a trader in Tianjin city told Steel First.

“Offers from miners remain high. They were $3 per tonne higher than indices,” a trader in Shanghai said.

However, a trader in Shanghai said the pressure to sell is on trading companies rather than miners, as miners have already sold out most of their cargoes.

Prices for premium hard coking coal cfr Jingtang were calculated up by $0.31 on the day at $159.87 per tonne. Hard coking coal prices cfr Jingtang were calculated at $143.47 per tonne, an increase of $1.39 on the day.

Premium hard coking coal prices fob DBCT (Australia) were calculated at $145.60 per tonne on Friday, down by $0.19 from levels seen on Friday.

Hard coking coal fob DBCT was calculated at $128.78 fob per tonne, down by $0.18 per tonne on the day.

Capesize freight costs from Queensland to Jingtang were quoted to Steel First at $13 per tonne per day on Friday, with panama rates quoted at $17-18 per tonne per day.

The most-traded May coking coal contract on the Dalian Commodity Exchange closed at 1,116 yuan ($182) per tonne on Monday November 11, up 2 yuan ($0.30) per tonne from last Friday.

The exchange’s most-traded May coke contract closed at 1,571 yuan ($256) per tonne.