Second-tier Asia-Pacific met coal prices hit by downward pressure on first-tier

摘要

Singapore—The Asia-Pacific seaborne market continued to drift lower Wednesday amid lackluster demand, sources said, with top-tier coal outperforming second-tier material after lagging it recently. The spread between the two tiers widened to $10.25 from $9/mt Tuesday as Platts assessed Australian Premium low-vol hard coking coal 25 cents lower at $138.75/mt CFR China, while second-tier coal fell $1.50 to $128.50/mt CFR. The spread is usually at least $10/mt, sources said. “With premium coal prices dropping by so much [recently], there is no reason that the second-tier can maintain above $130/mt [CFR China],” a Chinese trader said. Indicative bids for Australian blended 63-64% CSR and 22-24% VM material fell to $127-129/mt CFR China. A seller of such material with mid-February laycan at $130/mt CFR China late last week said Wednesday it would be tough to sell at similar levels now.