Seaborne coking coal market quiet as Chinese buyers wait on sidelines
Seaborne coking coal prices remained largely unchanged on Wednesday November 20, as buyers continue to wait on the sidelines for clear market direction.
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Steel First’s daily index for premium hard coking coal cfr Jingtang was calculated at $154.29 per tonne, down by $0.29 on the day.
Hard coking coal prices cfr Jingtang also dropped, falling by $0.25 to $142.33 per tonne.
Premium hard coking coal prices fob DBCT (Australia) were calculated at $143.68 per tonne on Wednesday, up by $0.85 from levels seen on Tuesday
Hard coking coal fob DBCT was calculated at $126.68 fob per tonne, down by $0.39 per tonne on the day.
“No one dares to take in cargoes now because the market may fall further,” a trading source in Beijing told Steel First.
He added, however, that the decrease in prices may be limited. Another Beijing-based trader said that he would make bookings only after the Chinese New Year, on January 31, as he is bearish about the market.
Port sales also remain difficult, according to market participants.
Australian hard coking coal with around 67% CSR and 24.5% volatile matter was heard traded at 1,115 yuan ($182) per tonne at Jingtang port this week, down by 20 yuan from levels seen early this month.
The most-traded May coking coal contract on the Dalian Commodity Exchange closed at 1,139 yuan ($186) per tonne on Wednesday, up from Tuesday’s close of 1,126 yuan ($184) per tonne.
The most-traded May coke contract closed at 1,620 yuan ($264) per tonne, up by 2 yuan ($0.33) per tonne from a day earlier.