End-of-Day Market Summary PHCC – May 7, 2025

End-of-Day Market Summary – May 7, 2025

The market is in a holding pattern, with supported pricing and limited liquidity, awaiting BHP's move. The balance could tip quickly depending on how many cargoes BHP places for June.

• No COI Yet from BHP for GYC: BHP has not yet issued any Collection of Interest (COI) for June Goonyella (GYC) cargoes, leaving the market in suspense. The volume and laycan specifics remain unclear, fueling uncertainty.

  
  

• GYC-Only Buyers Growing Uneasy: The lack of visibility is starting to worry GYC-dependent buyers—particularly Indian end users.

  • If only one more GYC Panamax is offered for June, upside bias is expected as demand for July/early August arrival is estimated at 2+ Panamax equivalents.

  • If two more June GYC cargoes are made available, the market is likely to remain in a tight supply-demand balance.

    
    

• Transaction Pace Slows Due to Delays: Both buyers and sellers are holding back, as delayed June loader clarity from BHP limits urgency. The market remains elevated, but not aggressively active.

  
  

• Price Reference at $190 FOB Seen as Fair: Some end users have indicated $190 FOB as a mutually acceptable benchmark, suggesting temporary pricing consensus amid uncertainty.