The seaborne coking coal spot market tumbled on Monday January 14 with supply pressures weighing on transaction prices for cargoes sold to China.
A February-laycan cargo of a top Australian brand was traded around $198-199 per tonne cfr China while a shipment of premium mid-vol materials, also scheduled for loading in February, changed hands at $185 per tonne cfr China."The market is still spiraling downward, because supply has outpaced demand now. Sellers are pressured to lower their prices to offload cargoes," one buyer source said.A Chinese trader conceded that "transactions are difficult to come by due to the divergence [in price expectations] between the sell and buy side", hence "we are going to...