End-of-Day Market Summary PHCC – August 28, 2025
- Met Coal Junkie
- Aug 28
- 1 min read
End-of-Day Market Summary – August 28, 2025
Tone: Constructively cautious, with BHP prints lending stability, but excess trader length and limited end-user activity leaving the market vulnerable.
BHP GYC Sale at $189 FOB Surprises Market – BHP sold a 5–14 Oct GYC cargo to Mercuria at $189 FOB, stronger than inner-circle expectations. The early laycan reinforced supply visibility into October.
Trader Positions Outpace Demand – Trader-held PMV positions have now swelled above 350 kt, while known demand stands at just ~35 kt. The pace of supply release appears faster than demand recovery.
FOB and Paper Reconnected – Interestingly, the last BHP trade at $188.8 FOB corresponded with DCE near RMB 1,150; today’s $189 FOB mirrors the same setup. With Chinese arbitrageurs stepping in via derivatives, spot PLV FOB is once again closely tied to paper movements.
Real Demand Now in Focus – The next test is whether end users will validate $189 FOB with firm buying, or if the rally remains paper-led.
Comments