End-of-Day Market Summary PHCC – June 16, 2025

End-of-Day Market Summary – June 16, 2025

Market remains fundamentally pressured. While Chinese paper sentiment is flattening, real FOB fundamentals continue to weaken under the weight of resell cargoes. Traders are cautious, especially on PMV, with BHP’s supply and the Oaky North overhang crowding sentiment.

• BHP Shows New GYC Availability: BHP indicated a 21–30 July GYC cargo (75kt), adding to expectations of increasing branded PMV availability through July. This comes just days after the last GYC sale, suggesting BHP may still hold more tonnage.

• Oaky North Offer Falls to $173 FOB: The Oaky North resell offer continues its descent, now at $173 FOB, which further depresses PLV-indexed sentiment. Despite some opportunistic bids, most buyers remain cautious, anticipating additional downside.

• Traders Struggle with PMV Valuation: With the Oaky North offer pulling down the index, PMV pricing becomes harder to trade, especially when sentiment-driven buyers become hesitant amid index volatility.

• Chinese Sentiment Stable in Paper, But Physical Still Heavy: DCE coking coal futures have stabilized slightly, but this has not translated into physcial support. Talk of a 4th round of coke price cuts continues to weigh heavily on Chinese spot physical buying.