Index for hard coking coal in Australian ports fell 7.7% on November 1st 2019. It also dropped 9.6% WOW. Price at Chinese ports decreased 10.2%.
Stricter rules of China for coal import as well as the recent fall of domestic coal prices caused the bearish trend of hard coking coal market. India and China bought a coal cargo at 126$, FOB Australia, delivery November which increases the pressure on the market.
It is well noting that the end of Indian monsoon is approaching so building and construction will improve and consequently steel consumption and demand will grow significantly. It is expected that India as the biggest importer of steel worldwide will buy more steel, compensating the week steel prices.