Coking coal prices remained volatile in October as buyers weighed uncertain supply prospects against steelmakers’ requirements, GMK Center reported. China’s push to restore mining operations and lift domestic output added pressure to the market, while Indian purchases of Australian seaborne material reflected production needs and freight economics.
High-quality Australian coking coal was priced at $272.4/t FOB on 16 October, according to Kallanish figures cited by GMK Center. That was 1.3% above 2 October, but below $276/t on 9 October and $278.7/t on 18 September. Australian seaborne prices eased early in the week of the report, with Chinese buyers preferring domestic and Mongolian supplies. Deals with Indian consumers around mid-month indicated that mills were buying according to operating requirements and commercial viability, including shipping costs.
Chinese spot coking coal at Anze reached $354.2/t EXW on 16 October, up 1% from 2 October but down 5.3% from 18 September. GMK Center said renewed online auction activity supported spot prices between 8 and 15 October after the public holidays. Buyers seeking favourable deals helped demand and trading recover from September’s slowdown, although futures weakened as the government sought to expand domestic supply.
China’s National Development and Reform Commission and National Energy Administration met in Shanxi on 16 October to accelerate mine restarts and increase production. The report said the subsequent price direction would depend on how much output actually returned and on steelmaker demand, with mill margins and overseas supply also exerting pressure. On 19 October, January coking coal futures on the Dalian Commodity Exchange closed the daytime session at 1,403 yuan/t ($209.8/t), down 5.6% from the previous settlement, according to Mysteel figures cited by GMK Center. Expectations of higher supply, particularly from Mongolia, drove the decline; prices stabilised and edged higher the following day.
Chinese coke prices also faced pressure. BigMint estimates cited in the report put the combined reduction from two mill-led price cuts since 1 October at 200–220 yuan/t, or around $30–33/t. Steelworks resisted a subsequent increase sought by coke producers. Separately, Russian producer Raspadskaya suspended output at its namesake mine after a fire on the night of 30 September. GMK Center described the disruption as relevant to Asian buyers, while cautioning that it did not indicate a shortage of Russian pulverised coal injection material.