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Markets expect July monthly term contracts to be settled this week.
“Markets are moving to monthly pricing amid the soft market conditions,” ANZ said in a research note.
“Free-on-board Australian coking coal markets are still declining, albeit at a slower pace and are sitting at $US136.63 per tonne.”
Thermal coal futures appear to have stabilised above the $80/t level but the mood in the market remains subdued, according to ANZ.
“Reports suggest seaborne suppliers are facing increasing competition from Chinese domestic producers who are able to allow domestic buyers to delay payments amid tighter cash flows,” it said.
