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End-of-Day Market Summary PHCC – September 23, 2025

  • Writer: Met Coal Junkie
    Met Coal Junkie
  • Sep 24
  • 1 min read

End-of-Day Market Summary – September 23, 2025


Tone: Bullish in China, but benchmark distortions highlight fragility in FOB pricing.


Chinese Restocking Pushes Higher: Restocking demand stayed strong as Anze surged to RMB 1,600, equivalent to above $200 FOB Australia, breaking this year’s high.


Paper Market Weakness Shows in Spreads: TSI Oct–Nov spread widened to -$5, reflecting near-term FOB weakness and paper drag.


Benchmark Integrity Questioned: The current $6 spread between Saraji (PLV) and Daunia (Tier 2) is unjustified via VIU analysis, raising doubts about whether PLV CFR is undervalued or if there is a benchmark methodology issue.


Market Takeaway: Physical fundamentals remain bullish, but distorted benchmark spreads could amplify volatility and mispricing risk.

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