End-of-Day Market Summary PHCC – September 4, 2025
- Met Coal Junkie
- 19 hours ago
- 1 min read
End-of-Day Market Summary – September 4, 2025
BHP October Sales Add to Bearish Bias – BHP sold a mid-October GYC laycan to Mercuria at $187 FOB. Mercuria previously flipped the cross-month laycan to JSW International at index-linked (reportedly without discount), and JSW in turn sold to JSL at $201–202 CFR India. Multiple PMV deals also concluded in the $195–202 CFR range.
Supply Outpacing Demand – The chain of trades shows how traders are squeezing limited Indian demand, while the pace of Australian supply recovery continues to exceed demand recovery. This imbalance keeps a bearish undertone alive despite transactional activity.
China Quietly Raises LTC Prices – Chinese long-term contract prices have increased by $6–7, lifting the domestic floor. The key question is whether post–parade demand recovery will outpace domestic supply to support PLV FOB at current levels.
Platts Widening Spread Raises Eyebrows – Platts widened the assessed PLV–PMV spread from $2 to $3, puzzling participants since more GYC cargoes are surfacing while no fresh PLV has been seen. The move favored index-linked cargo holders, sparking debate on methodology.
Tone: Bearish-leaning, structurally oversupplied, with FOB stability hinging on whether India and post-parade China can absorb increased October supply.