Subdued market leaves seaborne hard coking coal prices unchanged

The Asian seaborne hard coking coal market was muted on Tuesday January 28, with buying interest almost non-existent ahead of the Chinese New Year holiday.

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Market participants were reluctant to give price indications as no real demand could support any levels, leaving index prices unchanged.

Steel First’s premium hard coking coal index for material sold on a cfr Jingtang basis held steady at $139.18 per tonne.

Premium hard coking coal index prices fob Australia’s DBCT port were unchanged at $129.69 per tonne.

The price for hard coking coal stood at $127.40 per tonne cfr Jingtang and the index price for hard coking coal fob Australia was unchanged at $116.49 per tonne.

A total of 5.17 million tonnes of coking coal was reported to be sitting at the Jingtang port on Monday, up from 4.89 million tonnes on January 20. Rizhao port saw 2.05 million tonnes of stock, down from 2.15 million tonnes a week ago.

The most-traded May coking coal futures contract on the Dalian Commodity Exchange closed at 917 yuan ($150) per tonne on Tuesday, a drop from Monday’s close of 942 yuan ($154) per tonne.

The most-traded May coke contract on the exchange closed at 1,333 yuan ($218) per tonne, also down from the previous close of 1,358 yuan ($222) per tonne.

Separately, China’s daily crude steel production rose to 2.0066 million tonnes in the second ten days of January, up by 0.49% from the first ten days of the month, according to the latest estimates by China Iron & Steel Assn (Cisa).

Cisa member mills’ combined inventory of finished steel totalled 13.04 million tonnes as of January 20, up by 7.4% from January 10 levels.

Trade in the Atlantic market was also reported as subdued, with plentiful supplies and low prices meaning that European mills are in no rush to commit to shipments.

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