October 22, 2024 - Australian premium hard coking coal prices have rebounded from multiyear lows, supported by demand from China after Beijing announced stimulus measures and followed by a rise in steel prices. The benchmark Platts Premium Low Volatile Hard Coking Coal price on an FOB Australia basis has increased by 12.2% or $22/mt at $202/mt Oct.21, since hitting over three-year low at $180/mt Sept. 10. PLV CFR China prices increased by $21.5/mt, or 11% at $216.5/mt Oct. 21, having also hit a more than three-year low at $195/mt Sept. 10.

Market participants are now waiting for the implementation of China's stimulus package, as well as for other economic measures, and post-holiday orders from Indian buyers after the end of October to propel coking coal demand. The market is also keeping an eye on a potential La Nina event that could ignite supply-side concerns.