SunSirs: China Coking Coal Prices were Weak in March
April 01 2024 10:42:16 SunSirs (Selena)
According to the analysis system of SunSirs, the overall price of coking coal was weak in March. At the beginning of the month, the average market price was around 2,342.5 RMB/ton, and at the end of the month, the average market price was 2,162.5 RMB/ton, a price drop of 7.68%, a decrease of 12.03% compared to the same period last year. On March 28th, the energy index was 979 points, a decrease of 3 points from yesterday, a decrease of 37.28% from the highest point in the cycle of 1,561 points (2021-10-21), and an increase of 91.59% from the lowest point of 511 points on March 1st, 2016. (Note: The cycle refers to 2011-12-01 present)
According to the commodity market analysis system of SunSirs, the coking coal market operated weakly in March. In terms of supply, most of the mining area's production has remained stable, with relatively stable output. The online bidding flow rate has also increased, and overall transactions have also fallen more than rose. In March 2024, the sixth round of reduction in the downstream coke market was implemented, with a cumulative decrease of 600-660 RMB/ton. The seventh round of reduction of 100-110 RMB/ton was initiated at the end of March. This month's shipments have been difficult, and the steel mills have incurred losses. They have made moderate purchases of coke. The loss of coke is more severe, and the market is mainly pessimistic.
According to a coking coal analyst from SunSirs, the coal mine is currently operating steadily on the supply side. On the demand side, due to the pessimistic market sentiment of coke prices this month, profit losses have intensified. Overall, the demand for coke is average, while coking coal prices may be weak, depending on downstream market demand.
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