“Reports suggest Japanese coking coal buyers are increasingly looking to the lower-priced spot market for supplies, with quarterly term contracts looking less attractive,” ANZ said.
“Australian exports of coking coal rose to a five-month high of 8.47 million tonnes in May, according to the ABS, as shipments to North Asia offset a decline in exports to India.”
Coking coal prices are now down 0.95c to $US133.40 per tonne.
Rallying oil markets potentially supported sentiment for thermal coal, with its price up by 0.3% to $77.8/t.
“Australian thermal coal exports dipped in May to 14.05Mt on lower shipments to China and Japan consistent with a falling trend in exports,” ANZ said.
“Year-to-date, thermal coal exports have fallen 9% year on year.”