Seaborne coking coal prices in both the cfr China and fob Australia markets remained largely stable on thin trading on Tuesday August 17, with most buyers cautious about accepting high offers, sources told Fastmarkets.
China’s domestic coking coal prices continued higher in the week to August 16 due to a supply shortage, which buoyed seaborne coking coal prices in the cfr China market on Monday August 16.
Coking coal market
China’s coking coal market is in a stalemate amid domestic supply tightness and necessary restocking demand from a few large steel mills.
Some Chinese coke producers and mills were looking for coking coal cargoes urgently because their stocks can only support about one week of production and some coke producers even actively reduced production due to the shortage of raw materials, various market sources said.
A few large steel mills in east China, without support from coal mines and coke producers, therefore, started to procure imported United States-origin high quality coking coal.
One trader source from north China said the previous transaction of $305 per tonne cfr China for US-origin premium low-volatility hard coking coal was a short-lived individual case and it did not reflect the overall market buying level.
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