Australia: Coking coal export shipments remain stable in Sep'24; volumes to China rise

• Export volumes to India dip 14.3% m-o-m
  
  
• Coking coal prices drop amid weak demand
  
  

Australia's coking coal shipments stood at 13.38 million tonnes (mnt) in September 2024, down slightly by 0.8% from 13.48 mnt in August 2024, as per data maintained with BigMint. However, exports surged by 19.5% y-o-y compared to 11.20 mnt in September 2023.

Exports to India dip, China soar

In September, shipments to India declined to 2.10 mnt from 2.45 mnt in August, a 14.3% drop. Conversely, exports to China witnessed a notable increase of 27.8% from 1.52 mnt in August to 1.94 mnt in September. Japan also saw an increase, with shipments climbing up by 8.4% to 2.89 mnt in September.

Port Kemble records highest growth

Among the load ports, Gladstone Port saw an 11.8% rise in September 2024, loading 4.16 mnt compared to 3.72 mnt in August 2024. Hay Point Port followed suit, recording a jump of 18.6% m-o-m. Port Kemble stood out with a 40.9% increase, handling 0.51 mnt of coking coal compared to 0.36 mnt in August 2024. However, Dalrymple Bay Coal Terminal (DBCT) saw a decline of 22.1%, loading 4.22 mnt in September compared to 5.41 mnt in August 2024.

Price trends

Average Australian premium HCC coking coal prices eroded by 9% m-o-m to $200/tonne (t) CFR India in September from $220/t in August. Coking coal prices reduced amid weak sentiments in steel and the sustained downturn in international coke markets, coupled with increased shipments from Australia. Moreover, a fall in futures, along with demand concerns in major buying countries, weighed on offers. Domestic met coke prices fell INR 1,000-2,000/t m-o-m in September, pushing down bids by merchant cokeries. Indian primary mills largely book coking coal on the basis of long-term contracts. However, not much restocking was seen, which kept bids on the lower side.