Pre-CNY restocking drives spot liquidity

摘要

Asia-Pacific metallurgical coal prices have strengthened in early January due to strong demand for seaborne coking coal in China. S&P Global Platts assessed Premium LowVol hard coking coal up $9.50/mt from the week before to $152.50/mt FOB Australia on January 10. Delivered prices to China rose $9.75/mt to $163/mt CFR China. The spot market was more liquid as Chinese buyers tried to restock before the Lunar New Year holidays that start on January 25. Chinese steelmakers looked to secure cargoes at cheaper prices amid expectations that prices would climb higher after the Chinese New Year break. On the supply side, market participants said there were a limited number of cargoes available with February laycan. They expect prices to remain supported because of the disequilibrium between supply and demand.