Coking coal consumers in no rush to book new lots

摘要

In the first week of April, coking coal prices were in free fall in Australia. Asian steelmakers were placing rare inquiries, mostly to monitor prices. ArcelorMittal inviting a tender for Australian coking coal in the middle of the week has prompted many consumers to take a passive stance, waiting for it to be completed. In addition, the European Union announcing the next package of sanctions against Russia, which includes a ban on coal imports, has also contributed to a market lull. Asian mills have been in no hurry to book new lots as Russian exporters are likely to divert cargo flows to the Asia-Pacific region and offer coking coal at lower prices if the announced restrictions are adopted in Europe. In the current conditions, quotes of Australian premium brands have fallen by an average of $110/t to $380?455/t FOB Queensland and those of second-tier products have dropped to $345?420/t FOB, down $112.5/t.