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

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

Tone: Bullish but cautious – Strong BHP trades capped a positive week, though talk of Chinese steel cuts injected a note of hesitation into an otherwise firm market.

BHP Sells Two Saraji Cargoes @ $194.2 FOB: The first Saraji trades of the year concluded at $194.2 FOB, marking a symbolic high point for the week and reaffirming strength in premium hard coking coal (PLV).

Chinese Market Holds Firm: Domestic PHCC spot prices remain steady, reflecting a still-tight balance, though chatter of potential steel production cuts next week for environmental reasons raised mild caution.

Seaborne Supply Healthy: Australian export flow remains strong, but steady Chinese absorption continues to prevent oversupply from surfacing.

TSI December Trades at $203: The paper market’s premium over physical ($200+ FOB equivalent) provided traders ample hedging room, but also reinforced the view that $200 FOB is a near-term ceiling.

Turning Point Ahead?: Market participants are now watching whether Chinese steel curtailments will trigger a sentiment shift as the fourth quarter matures.