Export price for Australian coking coal has hit $300/t FOB for the first time in almost 5 years amid the continuous supply shortage from the country.
A deal for 75,000 t of premium low-volatile Saraji brand hard coking coal was closed at $300/t FOB for November laycan on the globalCOAL platform, according to insiders. It is $20/t higher than prices offered by Australian suppliers earlier this week. The commodity has reached this level for the first time since December 2016.
The reason for the price surge was still the limited volumes possessed by Australian exporters. “This year, coal export from Australia was strongly impacted by weather related issues,” a trading source.
The data by the Australian Bureau of Statistics showed that coking coal exports from the country had plunged by 13% month-on-month and 7% year-on-year to 12.99 million t in July, the lowest since February 2019.