SINGAPORE Chinas metallurgical coal import prices rose during the week ended Feb. 1 due to floods in Australia caused by tropical cyclone Oswald.
A Panamax cargo of Australian premium low-volatile hard coking coal with 9.5 percent ash and 0.5 percent sulfur was said to have been offered at $168 to $169 per tonne f.o.b. Australia at the start of the week, followed by a few Panamax cargoes of similar-quality coal at $172 to $175 per tonne f.o.b. Australia.
The current freight rate from Australia to north China is about $12.50 to $13 per tonne, according to traders.
A Rizhao-based trader said the current prices were too high and he would be willing to pay only about $180 per tonne c.f.r. China.
"I think the current spike is temporary," a Singapore-based trader told AMM sister publication Steel First.
"We will see what happens after the Chinese New Yearthat would be the interesting thing," a trader in Australia said.
A version of this article was first published by AMM sister publication Steel First.