Indian Demand Drives Further Surge in Coking Coal

Australian resource prices continue to rise as demand for coking coal recovers quickly after India's Diwali festival.

According to insider reports, on November 17, Australia's leading producer sold 40,000 tons of Goonyella high-quality medium-volatile hard coking coal to a trading company at a price of US$326.77/ton FOB, with a shipping schedule of December 16-25. One day ago, an Indian steel manufacturer purchased high-quality raw materials at a price of US$312/ton FOB. “Traders are starting to buy stocks as buying interest rises,” commented a market source. According to Metal Expert, after the national holiday in India, local customers resumed coking coal bookings, supporting a strong rebound in prices.

Due to increased demand and higher transaction prices, Metal Expert raised its daily price assessment for coking coal by US$15/ton to US$327/ton FOB.