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This follows a 6.4% quarter-on-quarter fall in the Australian hard coking coal benchmark for the period and reports of a recent $92.50/t settlement for pulverised coal injection-grade metallurgical coal which is down 6.6% from the March quarter.
While Rio Tinto and Glencore are the biggest Australian exporters of SCC, Macquarie Wealth Management said Rio led the SCC talks with a major Japanese mill.
The fall in the Australian dollar has lessened the impact of the weaker contract pricing. The $81/t SCC price equated to $A106.62/t as of yesterday’s exchange rate of US76c with the Aussie dollar trending steadily downwards since it slipped below the US90c level in September.
