Seaborne coking coal prices edge lower on weaker bids
Seaborne coking coal prices edged lower on Wednesday November 13 on weakening bids.
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Prices for premium hard coking coal cfr Jingtang were calculated at $157.38 per tonne, down by $1.44 on the day.
Premium hard coking coal prices fob DBCT (Australia) were calculated at $142.94 per tonne on Tuesday, down by $0.95 from levels seen on Monday.
Hard coking coal fob DBCT was calculated at $127.62 fob per tonne, down by $0.64 per tonne on the day.
Hard coking coal prices cfr Jingtang moved slightly higher and were calculated at $142.38 per tonne, an increase of $0.25 on the day.
Offers remained stable at $157-162 per tonne cfr for premium hard coking coal to China, while bids drifted down $0.50-1, according to producers and consumers contacted by Steel First.
“Generally, coking coal priced at above $150 cfr China is not easy to sell,” a coking coal trader in Tianjin said.
While sentiment is bearish, the trader said that there was little fundamental downward pressure on prices at the moment, given the generally stable macroeconomic environment, expected restocking in winter and higher domestic coal and coke prices.
Preliminary grade I coke prices in northern China have risen by 30 yuan ($5) per tonne so far this week to 1,440-1,460 yuan ($235-238), the trader said.
“There are not many cargoes from mining companies available for booking at the moment either, which could be due to seasonal reasons, but the direction spot coking coal prices take will depend on Chinese demand,” a trader in Shanghai said.
The most-traded May hard coking coal contract on the Dalian Commodity Exchange closed at 1,123 yuan ($183) per tonne on Wednesday, up by 1 yuan ($0.16) per tonne from Tuesday.
The most-traded May coke contract on the same exchange closed at 1,597 yuan ($261) per tonne, up by 10 yuan ($1.63) per tonne from the previous day’s close.