End-of-Day Market Summary PHCC – September 24, 2025

End-of-Day Market Summary – September 24, 2025

Tone: Confused and distorted, as benchmark misalignment frustrates buyers but benefits arbitragers.

Chinese Buyers Reject PLV CFR Assessment: Complaints grew that no Australian Tier 1 cargoes can be bought at the PLV CFR China benchmark of $186, undermining credibility of the print.

Tier 1–Tier 2 Spread Unreasonable: The widened and unjustified spread between benchmark PLV and Tier 2 coal has deepened market confusion over price discovery.

Canadian Cargoes Benefit: In contrast, Chinese traders with Canadian positions linked to PLV CFR are profiting from this mispricing, highlighting the arbitrage opportunity embedded in current benchmarks.

Market Takeaway: While fundamentals remain constructive, distorted benchmarks are skewing sentiment and creating a two-tier market between frustrated buyers and arbitraging traders.