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For the week to May 14, premium low-vol coking coal prices were $US143.25 per tonne.
“Most metallurgical coal prices we track continued to weaken over the week, led by a 2.6% decline in low-vol PCI,” RBC Capital Markets said in its report.
“However, high-vol B coal prices in the Atlantic markets stood out, climbing 1.9% this week.
“According to Platts, the price decline in Asia-Pacific was primarily driven by abundant supply from Australia and Canada, which more than offset a slight rebound in Chinese demand.”
Thermal coal was a different story with the industrial dispute at the Port of Newcastle impacting prices.
“Thermal coal prices were mixed this week, with coal sold FOB Newcastle up 0.5% while coal sold FOB Richards Bay and coal delivered into Europe were down 1.6% and 1.8%, respectively,” RBC Capital Markets said in its report.
“Newcastle prices rose modestly due to stable Chinese demand, the introduction of small-scale industrial action at Newcastle port, and perceived regional supply tightness.”
Thermal coal FOB from Newcastle was $89.00/t for the week to May 14.
