After protracted negotiations the Q3 benchmark price for mid volatile HCC surprised many and settled at US$92.50 higher than low volatile. The LV price settled at US$92/t for German Creek. Mid volatile brands have been in shorter supply than low volatile coal recently. PCI was settled for US$75/t an increase of US$2/t over the Q2 price. More significantly this price is around US$6/t over the spot price a function of an illiquid and weak spot trade but reasonable demand outside China.