18 March Quick Perspective – PHCC
- Met Coal Junkie
- Mar 20
- 1 min read
18 March Quick Perspective – PHCC
Prior market consensus had been centered around $240 FOB, with $250 viewed as overstretched. Peabody’s release of cargoes then shifted sentiment sharply, dragging the market down by around $20 to the $220 FOB area.
With NGYC cargoes now delayed, PLV FOB has entered a recovery phase. That said, upside may remain capped. End users still retain resale optionality, and BHP’s cargo sale last week suggests supply is not tight enough to justify a full return to prior consensus levels.
As a result, while the market may not move straight back to $240, the near-term path looks more like a test of the $225–235 FOB range, with $230 ±5 emerging as the more realistic rebalancing zone.
Additionally, the timing of MBN spot supply, if any, will be critical.
*This update was posted in WhatsApp group on 18 March.
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