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End of Day PHCC Market Summary February 2 Tone: Momentum stalling but not broken - The rally is losing sharpness as price validation disappoints, yet supply visibility remains thin • Lotus Sells to Jindal Near 253 FOB Lotus concluded a sale to Jindal around 253 FOB, a level that fell short of broader market expectations. The final price surprised many given the preceding bullish tone and has introduced hesitation into near term price thinking • TSI Stable with Mild Selling Pr

Quick Perspective: The market retains a clear path to test $255–260 FOB should primary supply remain constrained. No further PMV cargoes from BHP are visible at this stage, while alternative suppliers remain quiet. Incremental PMV demand from India is expected to surface over the next two weeks, adding pressure to an already lagged demand profile. With cumulative deferred buying now exceeding visible primary supply, the downside appears well defended around $250 FOB, leaving

End-of-Day PHCC Market Summary – January 26-28 Tone: Rally pausing, not reversing – Momentum has cooled, but structural tightness keeps the upside case alive pending BHP’s next move. Unsold Peak Downs Weighs on Sentiment: An unsold Peak Downs parcel is tempering the rally sparked by recent Goonyella strength, introducing near-term hesitation at elevated levels. TSI Hesitates Below $250 Despite Strong Bids: TSI remains reluctant to break $252, even as PHCC bids around $252 sur

End-of-Day PHCC Market Summary – January 22 Tone: High print, low conviction – A strong physical sale has not translated into broader confidence, leaving the market cautious at elevated levels. TSI February Resists the $250 Level: Despite BHP selling GYC at $250.2 FOB, TSI February has failed to follow through to $250, signalling hesitation from paper participants and a lack of conviction at these heights. Sustainability Questioned: While the traded level was within market ex