Coking coal prices soar, new levels in doubt

This weekend, Australian coking coal export prices soared, and market quotations rose. It is understood that a ship of 75,000 tons of Australian high-quality hard coking coal on the global coking coal platform was quoted at US$270/ton, with a July shipment. The day before, high-quality raw materials were sold to Japan at US$254/ton FOB.
Because many Australian ports have recently been overhauled, there is a shortage of coking coal in July. However, participants doubt whether buyers will agree to this price level, because in the past few weeks, even if the prices in the market are more attractive, buyers' interest has been very low. "Indian steel prices have been quite weak recently, so it is difficult to get higher buying interest," June 5-15 shipment. It is reported that 40,000 tons of them were sold at a price of US$242/ton CFR, and the rest were sold at an index-based price. It is worth mentioning that China imposes a 3% import tariff on Canadian metallurgical coal. From April 1, 2023, with the expiration of zero import tariffs, China will re-impose import tariffs on different types of coal. However, even with the import tariffs, the transaction price is still lower than the average price in China's domestic market, at 1940 yuan/ton (273 US dollars/ton), which has fallen slightly again since Wednesday. During this period, local coke prices in major consuming provinces fell by 50 yuan/ton (7 US dollars/ton) to 1750-1920 yuan/ton (246-270 US dollars/ton). Prices include value-added tax.

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