Glencore, Tohoku settle Japanese coal contract price at record $395/mt FOB | S&P Global Commodity Insights (spglobal.com)
Given this contract, we may see the same buyers (Tohoku) buying on the spot market when it settles at or below the contracted price. I would speculate that this may be the reason for recent stability around $390/mt at ICE Newcastle. Other buyers may do the same, possibly even storing excess purchases, which, given the macro environment and fear of energy scarcity is quite possible. Coincidently the price rerate on the spot market dropped just before the Glencore/Tohoku contract price was released publicly.
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