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.