End-of-Day Market Summary PHCC– November 4–5, 2025

Tone: Firm but cautious – Chinese fundamentals remain tight, with PHCC strength anchored by restocking, though paper and seaborne markets begin to show signs of consolidation after recent highs.

• Chinese PHCC Strengthens Further: Domestic Anze PHCC surged to RMB 1,670 as the third round of coke price uptick concluded, reinforcing bullish sentiment. Restocking by coke makers is expected to continue, keeping spot prices firm in the near term.

• DCE Correction with Strong Support: The DCE Jan contract corrected slightly, but held strong support near RMB 1,240, suggesting speculative confidence remains intact. The DCE–PHCC linkage appears to be weakening, with expectations that the PHCC–HCC spread in China may widen as PHCC supply stays tight.

• TSI Paper Slightly Softer: TSI November traded around $196 and December near $200, easing from the recent highs of $199 and $205, respectively. This reflects a natural pullback following DCE’s correction rather than a fundamental shift.

• Narrowing Month Spreads Expected: Traders holding low-cost physical cargoes are actively hedging both Nov and Dec, likely causing Nov–Dec spreads to narrow as the market stabilizes ahead of mid-month trading cues.