Asian coking coal prices surge on tight supply

摘要

Coking coal prices surged towards the $120/t level fob Australia at the end of last week, the highest in nearly 2? years, as trading firms took long positions in anticipation of continued supply tightness in the months ahead. A deal for a 75,000t October-loading premium hard coking coal cargo at $118.25/t fob Australia on 18 August confounded steelmakers. A similar cargo for loading in September traded at just $105/t fob Australia two days earlier. “I cannot get my head around it. This looks like a trade between a mining firm and a trader that has taken a very risky position,” a Singapore-based trader said.