FOB prices dipped over 3% month-on-month, while cost and freight prices dipped 1.8%.
“October 1 marked the beginning of Golden week - a week long national holiday in China, which inevitably negatively impacted demand. However, prior to the national holiday, some small restocking activity was observed in the region,” according to the report.
Hard coking coal prices, however, saw some improvement in the second half of the month amid better demand for second-tier cargos.
Conversely, the lack of buyers in the first-tier market pushed sellers of PHCC to slash offer prices aggressively in order to entice some buying interest, the report states.
It was a third straight month of higher volumes on the SGX TSI FOB Australia derivatives contract, trading 151,000 tonnes in October.