Australia's supply struggles of premium hard-coking coal continued during the month. This shortfall in premium hard- coking coal elevated spot prices by US$49/t in October, despite moderate demand. We expect average monthly PHCC prices to remain above US$300/t in the final quarter of 2023, driven by firm Indian spot demand in Q4. Read our report to understand: • Why will prices remain higher for longer? • When will Australian supply start to recover?