CHINA COKE WRAP: Exports wait for domestic prices to reach bottom

The decline in China’s domestic metallurgical coke prices has slowed down, but export buyers are waiting for confirmation that they have reached the bottom.

Metal Bulletin’s price assessment for coke shipments with 65% coke strength after reaction (CSR), 12.50% ash, and in physical sizes of 30-90mm, was $300-310 per tonne fob China on Tuesday November 7.
The assessment had plunged from $330-345 per tonne fob two weeks ago to $310-320 per tonne fob last week. 
A Japanese mill was heard to have bought 20,000 tonnes of material with 62-64% CSR at $320 per tonne fob China via tender in the second half of last month, while in the past week even 65% CSR cargoes were said to be available at no more than $310 per tonne fob.
Domestic drop slowdown
Losses have decelerated in China’s domestic coke market with cokeries reportedly squeezed to the breakeven line.

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July Zhang

November 09, 2017

15:33 GMT