In the seaborne market, coking coal cargoes from the United States and Canada flowed to China after the East Asian country imposed a ban on the import of Australian coal in October 2020.
Chinese steelmakers who could no longer import coking coal from Australia had to turn to North America to secure for cargoes.
This has resulted in import prices for coking coal rising in the past three months in China.
Fastmarkets’ index for premium hard coking coal, cfr Jingtang
was at $217.73 per tonne on Tuesday February 2, up by 81.7% from $119.83 per tonne on October 28 last year.
Fastmarkets’ index for hard coking coal, cfr Jingtang
experienced a similar trend. The index was at $203 per tonne on Tuesday, nearly double compared with late October last year when it was at $104.01 per tonne.
Elsewhere, steelmakers in markets such as Europe,...