Strong buying interest in China over the extended weekend pushed Asian spot metallurgical coal prices substantially higher Monday, as hard coking coals traded $3-4/mt higher than Wednesday last week, market sources reported.
On an FOB Australia basis, Platts assessed premium low-vol (PLV) HCC $3.50 higher at $140.50/mt, the highest since mid-May, and second-tier HCC normalized to HCC 64 Mid Vol specifications $3 higher at $127/mt. On a CFR China basis, PLV was assessed at $153/mt, and HCC 64 Mid Vol at $139.50/mt.
Spot transactions concluded over the last few days illustrated a continued bullish turn in market conditions, particularly in China.
Headline deals included an Australian premium low-vol HCC reported done last week very close to $155/mt CFR China for part of a Capesize vessel loading in early September, and a very prompt low-vol PCI at around $125/mt CFR north China, also part of a Capesize.
