End-of-Day Market Summary PHCC – November 6–7, 2025
- Met Coal Junkie
- Nov 9
- 1 min read
End-of-Day Market Summary – November 6–7, 2025
Tone: Balanced but fragile – The market remains supported by firm Chinese fundamentals, yet persistent weakness in seaborne liquidity and end-user hesitation caps upside momentum.
DCE Volatile, Testing 1,250 Support: The DCE Jan contract rebounded briefly before correcting again to test RMB 1,250, reflecting improving Mongolian inflows and lower pig iron output. While speculative positioning remains active, underlying steel fundamentals continue to soften.
TSI Month Spread Narrows: TSI December eased to $200 while November edged up to $197, narrowing the Nov–Dec spread to -$3 from -$5, as anticipated earlier in the week.
Premium Erosion Likely: Despite strong paper trader momentum, realized sale prices above index remain elusive. Any premium cargoes are being sold down, causing December paper to converge toward index levels.
China’s Winter Support: On the physical side, Chinese PHCC prices remain firm and show no signs of collapse as the country enters the winter supply control season, keeping the broader market sentiment cautiously supported.