Participants in the seaborne coking coal spot market are still staying on the sidelines after sentiment deteriorated earlier this week due to a brewing trade war between the United States and China.
"There will be a tender for both a cargo of premium hard coking coal and a shipment of pulverized coal injection (PCI) product tomorrow. There will be more clarity on the market direction if a transaction materializes," a trading source in China told Metal Bulletin on Wednesday June 20 July-, August- and September-laycan cargoes of premium products were offered during the day but the number of bids paled in comparison. "End-users in China would rather tread cautiously after prices crossed the $200-per-tonne-cfr-China level," a second Chinese trader said....