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Overall Duty Levels by Origin (USD/MT) From highest to lowest: 1. China PR – 130.66 2. Colombia – 119.51 3. Russia – 85.12 4. Indonesia – 82.75 5. Australia – 73.55 6. Japan – 60.87

End-of-Week Market Summary – November 10–14, 2025 Tone: Firm but fragile – Chinese physical strength dominated the week, but weakening DCE and competitive arbitrage cargoes are starting to test the sustainability of the rally. Chinese PHCC Remains Exceptionally Firm: Shanxi spot PHCC surged further, with Anze trading around RMB 1,700, equivalent to ~$220 FOB Australia, marking one of the strongest prints this year. 4th Coke Price Uptick Concluded: The successful completion of

End-of-Day Market Summary – November 6–7, 2025 Tone: Balanced but fragile  – The market remains supported by firm Chinese fundamentals, yet persistent weakness in seaborne liquidity and end-user hesitation caps upside momentum. DCE Volatile, Testing 1,250 Support:  The DCE Jan contract rebounded briefly  before correcting again to test RMB 1,250 , reflecting improving Mongolian inflows  and lower pig iron output . While speculative positioning remains active, underlying steel

Tone: Firm but cautious  – Chinese fundamentals remain tight, with PHCC strength anchored by restocking, though paper and seaborne markets begin to show signs of consolidation after recent highs. Chinese PHCC Strengthens Further:  Domestic Anze PHCC surged to RMB 1,670  as the third round of coke price uptick concluded , reinforcing bullish sentiment. Restocking by coke makers  is expected to continue, keeping spot prices firm  in the near term. DCE Correction with Strong Sup

Market View (Short-Term Outlook) The market is trading within a narrow 195–200 USD/t FOB range  in the near term. China:  Spot sentiment remains firm with a tightly balanced supply–demand picture. Domestic spot Shanxi PHCC is already trading at 210–220 USD/t FOB equivalent , but end users are reluctant to lift seaborne PLV above 195 FOB , staying anchored to long-term contracts. As a result, 195 FOB acts as a strong floor , while 200 FOB stands as a psychological resistance  

Changes in China’s Import Tariff Policy on U.S. Coking Coal Date Policy Change Tariff Rate February 10 Imposed a 15% tariff  on coal imported from the United States. 3% Most-Favored-Nation (MFN) + 15% Additional Tariff April 10 Imposed an 84% additional tariff  on all U.S. imports. 3% MFN + 15% Additional Tariff + 84% New Tariff April 12 Increased the tariff to 125% . 3% MFN + 15% Additional Tariff + 125% New Tariff May 14 Suspended the 24% additional tariff , retaining only

Chinese tariffs on US coals remain at 28%

Tone: Cautious and speculative  – Market remains afloat on trader activity while genuine end-user demand stays subdued, revealing an increasingly fragile balance between sentiment and fundamentals. Ex-Indian Seaborne Demand Filled at Discounts:   Non-Chinese buyers  have been taking discounted index-linked cargoes , but these deals are insufficient to clear the broader seaborne overhang. India’s Demand Sporadic:   Indian mill enquiries are uneven and volume-light , unable to

End-of-Week Market Summary – October 27–31, 2025 Tone: Diverging and uncertain – Market oscillated between policy-driven optimism and fundamental caution, as China-led sentiment met the reality of rising supply and slower end-user momentum. Policy vs. Reality: The week swung sharply between U.S.–China policy enthusiasm and fundamental correction, exposing the fragile balance between macro expectations and physical coal demand. Seaborne Cargo Count Nears 500kt: With miners and

Glencore sold GLV to ArcelorMittal at below 180 FOB

End-of-Day Market Summary – October 24, 2025 Tone: Bullish but cautious – Strong BHP trades capped a positive week, though talk of Chinese steel cuts injected a note of hesitation into an otherwise firm market. BHP Sells Two Saraji Cargoes @ $194.2 FOB: The first Saraji trades of the year concluded at $194.2 FOB, marking a symbolic high point for the week and reaffirming strength in premium hard coking coal (PLV). Chinese Market Holds Firm: Domestic PHCC spot prices remain st

End-of-Day Market Summary – October 22–23, 2025 Tone: Bullish and rebalanced – China’s emergence as the marginal buyer has redefined market dynamics, lifting PLV above PMV and reinforcing confidence across both paper and physical markets. Multiple PLV Cargoes Trade Near $190 FOB: Several PLV parcels were sold to Chinese end users and traders around $190 FOB, underscoring China’s increasing appetite and ability to absorb multiple Australian cargoes. BHP Sells Early-Dec GYC @ ~

End-of-Day Market Summary – October 21, 2025 Tone: Steady and rangebound – Chinese fundamentals remain firm, while seaborne liquidity stays limited, keeping prices anchored around key support levels. Shanxi spot phy China stays firm, but liquidity of Canadian PHCC at Chinese ports remains thin. 190 fob remains a good support level.​

BHP’s Q1 FY26 metallurgical coal production rose 8% year-on-year to 9.73 Mt, led by Goonyella’s strong output, while overall sales slightly lagged production and average realised prices softened 16% from a year earlier, leaving margins positive but narrower under stable cost guidance.

End-of-Day Market Summary – October 17, 2025 Tone: Irrationally bullish but fundamentally supported – Policy optimism and persistent supply concerns reignited momentum, pushing futures markets sharply higher despite lingering questions on sustainability. DCE Jan Breaks RMB 1,200: Futures surged past this key psychological threshold during the night session, driven by minor supply disruptions and policy expectations ahead of the upcoming government meeting. TSI November Tracks

End-of-Day Market Summary – October 16, 2025 Tone: Defiant and recalibrating – Despite persistent bearish narratives and lower index prints, actual trades continue to reaffirm market strength, prompting reflection on structural pricing distortions. DCE and TSI Recover in Tandem: DCE Jan rebounded above RMB 1,180, en route to the key 1,200 level, while TSI November climbed back to $195, reinforcing steady underlying sentiment. BHP Sells Early-Dec GYC @ $190 FOB (Fixed): The 75

End-of-Day Market Summary – October 15, 2025 Tone: Testing and divergent – Chinese price strength clashed with expanding seaborne supply, leaving the market to probe the true depth of Chinese demand. Chinese PHCC Hits RMB 1,700 (~$210 FOB): Reports of a recent high in Chinese spot PHCC stirred controversy but set a bullish tone domestically, reaffirming strong internal fundamentals. BHP Sells End-Nov Goonyella @ $189 FOB: The half-index, half-fixed deal landed within expectat

End-of-Day Market Summary – October 14, 2025 Tone: Stabilizing and speculative – Chinese market resilience and policy-driven optimism lifted sentiment, even as seaborne trade stayed quiet. DCE JM Rebounds Sharply: Futures showed a V-shaped recovery from RMB 1,116 to 1,153.5, driven by renewed speculative buying after steel prices briefly broke recent lows in the morning and spot PHCC auction results showing stability in the afternoon. Mongolian Supply Hiccups Add Support: Min

End-of-Day Market Summary – October 13, 2025 Tone: Balanced but pressured – Seaborne market softened under PMV resell pressure even as domestic fundamentals in China stayed firm, with Indian coke makers emerging as a new demand pillar. PMV Resell Weighs on Market: Continued PMV resale offers near $189 FOB Australia dragged sentiment lower, keeping FOB values under pressure despite limited trade activity. China Spot Holds Firm: Domestic PHCC prices remain supported, though ste

End-of-Day Market Summary – October 10–11, 2025 Tone: Diverging but resilient – Despite trade-related macro noise, seaborne sentiment...