Mine-mouth prices continued to surge with some one-day price growth at 30-60 yuan/t. Despite high prices, utilities remained active in purchasing amid low stocks and high likelihood that prices will keep firm as supply is restrained by safety checks. This has led to long queues of trucks scrambling for supplies at mines.
Traders gradually accelerated sales amid surging spot thermal coal prices. Downstream buyers can accept higher offers now under heavy restocking pressure before power consumption peak in summer.
Indonesian thermal coal prices slightly rose $1-2/t amid strong domestic market outlook. It's still hard to source mid- and high-CV cargoes.
Coking coal prices continued to surge amid tight supply. Anze primary coking coal in Linfen of Shanxi rose another 50 yuan/t to 1,900 yuan/t, ex-washplant with VAT. On May 11, Fenwei CCI assessed Shanxi low-sulfur primary coking coal at 1,861 yuan/t, up 369 yuan/t from early-April. Regular clients are now on the top supply agenda of miners.
Ganqimaodu saw 179 trucks laden with Mongolian coal passing the customs, hitting a new high since mid-March.
Steel mills fully accepted the sixth round of coke price hike, with accumulative growth at 600-700 yuan/t since April. Coke supply tightness remained amid high demand from steel mills, though slightly tempered with increased production in the wake of withdrawal of central-government environmental panel. Traders maintained active purchases despite high prices, further aggravating supply tension. Daily coke arrivals can't meet the daily consumption at steel mills.
(Writing by Rebecca Liu Editing by Emma Yang)
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