metallurgical coal import market lost traction during the week
ended March 1, with few buyers in the market, traders told
AMM sister publication Steel First.
"Sentiment is looking bearish.
Not many people want to buy at the moment," a trader in
"Prices have been rising for a
while already and were starting to see the market is not
able to take such high prices, as steel is not performing too
well," a Rizhao-based trader said, adding that uncertainty over
the governments attitude on the real estate market has
also affected market confidence to some degree.
"There are still some migrant
workers who havent returned to their work after Chinese
New Year, so a lot of machinery works have yet to start
officially. Its hard to say now whether the steel demand
is not in its full swing (because they havent returned to
work) or if its just (plain) sluggish," a trader in
Managers Index (PMI) for the manufacturing sector fell
for a second month to 50.1 in February from 50.4 the previous
A capesize cargo of hard coking
coal for March loading from BHP Billiton Mitsubishi
Alliances Peak Downs Mine in Queensland, Australia, was
said to have been concluded at more than $182 per tonne c.f.r.
Traders speaking to Steel
First pegged low-volatility hard coking coal at or below
$180 per tonne c.f.r. China and mid-volatility hard coking coal
at about $165 per tonne.
A 70,000-tonne cargo of
Australian hard coking coal with 7.5 percent ash, 22 percent
volatile matter, 0.4 percent sulfur, 10 percent total moisture,
55 to 60 percent coke strength after reaction (CSR), a crucible
swell number (CSN) of seven and maximum fluidity below 100 dial
divisions per minute (ddpm) was offered at $170 per tonne
c.f.r. China for March loading.
A trader said he would only
accept the cargo at a price in the low $160s as the maximum
fluidity is too low.
A version of this article was first
published by AMM sister publication Steel