Metallurgical Coal Markets - The Fortnight Flash 30 October 2026

Seaborne metallurgical coal markets softened in late October as weaker Chinese demand outweighed improving buying interest from India and Southeast Asia. Australian PLV prices declined amid subdued demand, despite temporary support from shipment delays affecting some Australian PHCC brands. In China, expectations of recovering domestic coal supply have weighed on sentiment and coking coal prices. Mine restarts and higher winter production targets are supporting a gradual supply recovery, while weaker steel demand is expected to reduce hot metal output and keep import demand under pressure. Outside China, Indian imports have improved amid low inventories and expectations of stronger steel production, while Southeast Asian demand is expected to recover gradually. However, these gains are unlikely to fully offset weaker Chinese demand. Overall, Australian PLV prices are expected to remain under pressure, although winter restocking and supply constraints may limit further downside.