Seaborne coking coal prices edged lower on Wednesday
November 13 on weakening bids.
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.