In this two-part feature, Metal Bulletin looks at the evolution of the coking coal market from 2013 until now, analyzing the changes in the fundamentals affecting the segment and the developing pricing structures.
Since the November 2013 launch of Metal Bulletin's fob Australia Premium Hard Coking Coal Index - the headline price for the coking coal market - two clear phases have emerged. The first was between November 2013 and August 2016, when Metal Bulletin's index averaged below $150 per tonne fob Australia on a monthly basis. September 2016 marked the start of the second phase, one of more extreme price movements. The index rose to the $300-per-tonne level twice - once in November 2016 and then again in April 2017 - during this phase. The index also strayed below $150 per tonne over two brief periods - three days in late March 2017, and a little over a month from May 30 of the same year, during which its lowest was $139.33 per tonne. A closer look at the trajectory of seaborne coking coal prices over these two phases - Under $150...