End-of-Week Market Summary PHCC – November 10–14, 2025

End-of-Week Market Summary – November 10–14, 2025

Tone: Firm but fragile – Chinese physical strength dominated the week, but weakening DCE and competitive arbitrage cargoes are starting to test the sustainability of the rally.

Chinese PHCC Remains Exceptionally Firm:

Shanxi spot PHCC surged further, with Anze trading around RMB 1,700, equivalent to ~$220 FOB Australia, marking one of the strongest prints this year.

4th Coke Price Uptick Concluded:

The successful completion of the fourth round of coke price increases reinforced domestic sentiment and strengthened support under Shanxi-origin PHCC.

DCE Weakness Shifts Competitive Advantage:

As DCE futures declined, arbitrage (arber) cargoes hedged against DCE became more competitive versus miner-sold cargoes.

These arber parcels now temporarily serve as the cheapest PHCC option in the market.

Volume of Arber Cargoes is Limited:

Despite their competitive pricing, arber cargo volumes are small. Once these are absorbed, buyers will be forced back toward miner offers, supporting higher FOB levels.

Chinese Miners Show No Rush to Sell:

Domestic PHCC producers remain patient and confident, continuing to raise December LTC prices, reflecting strong cost support and an unwillingness to chase seaborne weakness.