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Metallurgical Coal Markets - The Fortnight Flash
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Report summary
Global metallurgical coal markets strengthened sharply in August 2026, with Queensland PLV FOB prices rising from around US$230/t to a two-year high of US$265/t by month-end. The rally was driven by strong Chinese import demand amid domestic supply disruptions, lower Mongolian exports and critically low inventories, pushing buyers into the seaborne market. Indian buying remained subdued during the monsoon season, though signs of post-monsoon procurement emerged in late August. However, higher PLV prices, compressed steelmaking margins and reduced access to lower-cost Russian coal may slow demand recovery. Prices are expected to remain elevated through September, supported by Chinese import demand and tight domestic coal supply. Improving Australian supply and resilient US exports should help ease market tightness in Q4. However, much of the additional supply is expected to be absorbed by Chinese imports, limiting downward pressure on prices and sustaining a tight market balance.
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