End-of-Day Market Summary PHCC – October 13, 2025

End-of-Day Market Summary – October 13, 2025

Tone: Balanced but pressured – Seaborne market softened under PMV resell pressure even as domestic fundamentals in China stayed firm, with Indian coke makers emerging as a new demand pillar.

PMV Resell Weighs on Market: Continued PMV resale offers near $189 FOB Australia dragged sentiment lower, keeping FOB values under pressure despite limited trade activity.

China Spot Holds Firm: Domestic PHCC prices remain supported, though steel inventory buildup is capping further upside. DCE Jan still targets around RMB 1,200.

India Merchant Coke Makers Step In: Growing participation from Indian merchant coke producers seeking to capture the widening coal–coke spread adds structural buying interest, particularly for both PLV and PMV.

PLV–PMV Spread to Invert Further: With PMV under pressure, PLV scarcity persisting, the market is setting up for a continued inversion of PLV over PMV through Q4.

TSI Turns Inactive: The paper market went silent, with no notable activity as traders await clarity from both physical flows and Chinese macro cues.