Seaborne coking coal market subdued on high port stocks, low buying

The seaborne hard coking coal spot market remained subdued on Thursday January 16 as bearish sentiment persisted.

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Steel First’s premium hard coking coal index for material sold on a cfr Jingtang basis edged down to $143.13 per tonne on Thursday, a fall of $0.08 per tonne compared with Wednesday.

Premium hard coking coal index prices fob Australia’s DBCT port were unchanged at $130.35 per tonne.

The price for hard coking coal stood at $132.13 per tonne cfr Jingtang on Thursday, down by $0.29 from Wednesday.

Hard coking coal prices fob Australia were also unchanged, holding steady at $120.33 per tonne.

Buying interest remained weak while port stockpiles stayed ample, market sources told Steel First. Several February-laycan cargoes were also available in the market, with offer prices that are $2-3 per tonne lower than those heard earlier this month.

Market participants speaking to Steel First considered tradable levels for top Australian brands at or below $145 per tonne cfr China, and second-tier hard coking coal in the low $130s.

In China, prime hard coking coal from Shanxi province’s Liulin county was reported at 1,090 yuan ($179) per tonne ex-works, inclusive of VAT, down by 10 yuan ($2) per tonne from Wednesday.

Meanwhile, Kailuan Group was heard to have lowered most of its coking coal product prices by 70 yuan ($11) per tonne this month.

The most-traded May coking coal contract on the Dalian Commodity Exchange closed at 968 yuan ($159) per tonne on Thursday, down from Wednesday’s close of 983 yuan ($161) per tonne.

The most-traded May coke contract on the exchange closed at 1,384 yuan ($227) per tonne, also down from the previous day’s close of 1,388 yuan ($228) per tonne.

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