The seaborne coking coal market showed some signs of weakness on Tuesday May 28, with supply outpacing demand in the fob Australia premium segment, even though prices for China-bound cargoes appeared to hold up.
A July-laycan cargo of second-tier hard coking coal was traded at $197.05 per tonne cfr China. The transaction is part of a term contract, according to various sources.This is down $0.95 per tonne compared with a trade involving the same brand almost a week ago, which was also part of a term contract."The widened margins at coke plants in China are supporting Chinese coking coal prices, which will in turn keep seaborne [coking coal] prices generally stable. So while demand for seaborne materials is in the doldrums, offers will not retreat immediately," a Chinese trading source said. Outside of...