End-of-Day PHCC Market Summary – January 22

End-of-Day PHCC Market Summary – January 22

Tone: High print, low conviction – A strong physical sale has not translated into broader confidence, leaving the market cautious at elevated levels.

TSI February Resists the $250 Level:

Despite BHP selling GYC at $250.2 FOB, TSI February has failed to follow through to $250, signalling hesitation from paper participants and a lack of conviction at these heights.

Sustainability Questioned:

While the traded level was within market expectations, many remain unconvinced that $250+ FOB is sustainable without clearer demand-side validation.

Alternative Supplies Under Scrutiny:

Attention is turning to potential alternatives such as North Goonyella and Oaky North, which could temper upside if they surface in meaningful volume.

Resale Chatter To Emerge:

Noises around possible resales from end users are beginning to circulate, adding to caution and reinforcing the view that some buyers may struggle to absorb cargoes bought at the top end.

Waiting for Real End-User Confirmation:

The market is now waiting for a “true” end-user trade—one that confirms acceptance of current levels beyond strategic or speculative buying.

Paper–Physical Tension Persists:

Physical has printed high, but paper remains unconvinced, highlighting a growing tension that will need resolution via either follow-on trades or visible demand pull.