End-of-Day Market Summary PHCC – May 26, 2025

End-of-Day Market Summary – May 26, 2025

The market is quiet but underpinned, with Chinese weakness pressuring paper, yet physical fundamentals holding steady. All eyes now shift to post-conference signals and Indian buyer behavior later this week.

• Fresh Indian Demand Emerges: An additional Indian end user entered the market with 15kt demand for PHCC this week, reinforcing the theme of steady Indian buying interest, particularly for branded Australian coals.

• China’s Coke Price Cuts Near Completion: The second round of coke price cuts in China is expected to conclude by Wednesday, and early signs of a technical bottom are emerging on the DCE coking coal contract, now hovering between ¥730–750.

• DCE Breaks ¥800 Support; TSI Q3 Eases: With DCE falling through the ¥800 mark, TSI Q3 paper softened slightly, from $186 on Friday to $185 today, reflecting weak sentiment spillover from the Chinese side.

• FOB Physical Holds Delicate Balance: Despite softer paper and bearish Chinese cues, the FOB physical market remains tightly balanced, with limited prompt supply and consistent Indian interest helping to anchor prices near $190 FOB.

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