Same old same old. Been a while now. There’s so much...

Same old same old. Been a while now. There’s so much anticipation by FA is happening. In no man’s land?

Matt Warder Good Afternoon Coal Traders! Having a blast here in New Orleans as per usual, and presenting on broad commodities markets here in a couple hours. Premium hard coking coal prices slipped today as buying interest remained muted and participants pushed back against a recent premium mid-volatile (PMV) trade seen as overpriced. The Argus-assessed premium low-volatile (PLV) price fell by $1/t to $191/t fob Australia, while tier-two PLV dropped 60¢/t to $147.25/t fob. A 75,000t June-loading Goonyella bid at $181/t fob was heard, but no matching offer emerged, underscoring the lack of urgency among sellers. Some Indian buyers said the recent PMV deal was unnecessary to chase, especially given soft demand and availability of Canadian alternatives. Spot appetite remains limited, with Indian end-users buying only in small parcels and Chinese demand subdued. CFR prices reflected this divergence: PLV into India rose 75¢ to $204.60/t, while second-tier fell by 45¢ to $160.85/t. In China, PLV eased by 20¢ to $169.25/t, and second-tier dipped 25¢ to $149.40/t. Traders noted that Chinese portside auctions ended 30–70 yuan/t lower on May 14, adding to bearish sentiment. In the futures market, prices were mostly flat to slightly weaker. The Jun '25 SGX contract held at $190.00, while nearby months traded in a narrow range. Mild strength was seen in late-2026 contracts, with Dec '26 up $2.50/t to $219.50, though most of the 2026 curve moved lower. -MW