Seaborne coking coal prices have ended this week lower, and expectations are rife that the market would weaken further, which prompted buyers to sit things out on Friday May 31.
The Fastmarkets MB fob Australia Premium Hard Coking Coal Index stood at $201.59 per tonne during the day, unchanged from a day earlier but down 1.3% from that on Monday.The Fastmarkets MB cfr China Premium Hard Coking Coal Index fell $0.85 per tonne on Friday to $207.48 per tonne. The index is 1.7% lower than its level on Monday.Chinese market participants said their bearish outlook was due to the anticipated peaking of domestic coke prices, ample offers of seaborne coking coal and steelmakers' narrowing margins. Coke prices in China have risen by around 300 yuan ($43) per tonne since mid-April, while tight supply has kept the domestic coking coal market well supported.Some market participants said...