End-of-Day Market Summary PHCC – July 3, 2025

End-of-Day Market Summary – July 3, 2025

Market turns cautious after bullish run as Oaky North resurfaces and PLV-PMV spreads widen again.

🔁 Oaky North Resell Offers Return, Prompt Market Correction

Traders re-entered the market with Oaky North offers at $181–183 FOB for prompt and August laycans, triggering an immediate sentiment shift. These resells, attributed to Chinese steel mills, remind the market of the failed June attempts in which firm fixed price offers disappeared at below $175 FOB, casting doubt over whether current offers can repeat the same stunt.

📉 TSI August Paper Retreats

TSI August corrected from $183 to $179, with bids showing support at 179, reflecting a pullback after two strong PMV trades on July 2. Traders now reassess upside conviction as supply pressure looms.

📣 More Illawarra PMV Rumors Emerge

Talk of additional Illawarra PMV cargoes (August laycan) further complicates the supply picture. While PMV CFR India is still marked near $200, growing supply noise may challenge premium sustainability if PLV offers remain wide and untraded.

⚖ PLV–PMV Spread Begins to Widen Again

The reappearance of lower-priced PLV, especially Oaky North, risks renewing pressure on PLV-linked indexes. This widening dynamic, after briefly narrowing on July 2, could drag down index-anchored values.