End-of-Day Market Summary PHCC – June 25, 2025

End-of-Day Market Summary – June 25, 2025

Tentatively stable in paper, but FOB remains under pressure – Futures show cautious optimism ahead of NDRC guidance, but FOB physical demand remains elusive, leaving the market searching for real support.

• DCE Sep Rebounds Above 800 RMB: China's Dalian Commodity Exchange saw September coking coal futures climb above RMB 800, reversing yesterday’s dip as traders anticipate signals from the NDRC policy meeting on the morning of June 26.

• TSI July Paper Stabilizes at $174: The July TSI paper appears steady, hovering around $174, with signs that the PHCC FOB/CFR paper-derived spread is back in the $30± range, traditionally viewed as a technical support zone.

• FOB Physical Market Remains Weak: Despite the stabilisation in paper, the physical FOB market shows no buying interest. Notably, Chinese PLV offers at $183 CFR have found no takers, and globalCOAL bid at $165 FOB for PLV stands unmatched.

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