End-of-Day Market Summary PHCC – September 25, 2025

End-of-Day Market Summary – September 25, 2025

Tone: Balanced, China-led – Market moved broadly in line with expectations, with BHP’s Nov GYC sale and China’s coke proposal reinforcing that China remains the price setter. Supply optics look heavy, but fundamentals may not be as loose as they appear.

BHP Sold Nov Goonyella at $191.1 FOB: BHP sold to Mercuria at $191.1 FOB, a November laycan GYC cargo, broadly in line with market expectations.

China Coke Price Uptick Proposed: Chinese cokeries proposed the first round of coke price increases, aligning with expectations of at least two rounds in the near term.

China as Price Setter: Despite 5+ October BHP cargoes being marketed, not all are destined for India. Previous GYC buyers are expected to redirect tonnage into China, meaning India’s arrival supply may not be as relaxed as it first appears.