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PLV FOB remains firm with multiple PHCC buyers in India and Southeast Asia still uncovered. Branded miner supply is thin, and while Chinese reloads continue pushing hard to attract interest, their ability to satisfy regional demand is uneven. SEA buyers may consider these reloads, but Indian appetite for such tonnes is limited, leaving the market structurally short of GYC in the near term. With genuine demand still to be filled and limited miner-direct liquidity, the PLV FOB

Multiple GYC-only buyers are emerging and lack of selling indications from miners are supporting the FOB market which has clearly decoupled from the Chinese sentiment. It is a case of the Chinese market being irrelevant now.

Quick Perspective: TSI Jan is trading at the upper band near 209, following today’s 206.51 FOB GYC trade, but is likely to meet resistance shortly. The opportunistic 210 FOB China PHCC offers amid rapidly falling spot physical prices in domestic China should act as a natural brake on further PLV FOB gains.

Quick Perspective: PHCC pushes 205–210 FOB alongside a ~230 CFR India deal, within expectation . Soft Indian steel hasn’t translated into downside pressure yet as buyers remain uncovered for January, and traders' positions thin out. Until miners start offering more Jan tons, the market stays propped up.