Seaborne coking coal offers remain range-bound
Steel Insights|November 2021
Seaborne coking coal offers moved in a narrow range in October amid global supply tightness and healthy spot demand.

According to information available with Steel Insights, the premium variety was quoted at $404 per ton FOB Australia on October 29 as against $400 per ton on September 30.

Peak Down prices were quoted at $405 per ton FOB Australia on October 29 as compared to $401 per ton on September 30.

Prices started shooting up from May because of the supply squeeze from Australia, India’s main sourcing country. Australia’s coking coal export found support from Japan, South Korea, and India that consumed the oversupply following China’s import ban on Australian coal. Booking volumes from steel producers remained firm.

There was also increase in demand for higher grades. Container shortage and high freight led to a preference for high grades as the freight rate was same for all grades and it made sense to go for better yield.

Indian steel producers continued to take material from Australia as other exporting countries focussed on supplying material to China.

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