End-of-Day Market Summary PHCC – September 18, 2025

End-of-Day Market Summary – September 18, 2025

Tone: Neutral-to-cautious – FOB stability masks fragility, with buyers waiting and spreads hinting at renewed volatility.

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Chinese Physical Market Firm Despite DCE Dip

Chinese spot physical sentiment held firm even as DCE Jan corrected slightly. Most market participants remain eager to long, with many waiting for an attractive entry point.

BHP Cross-Month GYC Sale Slightly Soft

BHP sold a cross-month Goonyella cargo at $189.5 FOB, a touch below market expectations. While not bearish outright, it underscored that sellers still need to meet the market rather than command a premium.

Rangebound PLV FOB Market

Despite 5 October Goonyella cargoes having been sold, PLV FOB values continue to hold in a narrow $187–190 band. This shows stability but also hints at inertia, with no clear breakout catalyst yet.

Forward Curve & Spread Risks

The next turning point likely lies in ex-India demand or Q4 supply disruptions. Until then, traders are increasingly watching the October–November month spreads, which could widen on expectations of tighter November supply.

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