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PCI coal margins on a knife-edge

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Report summary

PCI quarterly prices have taken a battering falling to US$73/t in Q3 not seen since the US$68/t annual contract price of 2007. Spot prices are lying closer to 2004 levels at around US$63/t. PCI producer margins are wafer thin. At US$73/t over 30% of the trade is making a cash loss and at current spot prices that figure rises to almost 80%. Chinese steel demand unforgiving trade policies and importantly greater supply from China and Russia are to blame.

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Tables and charts

This report includes 4 images and tables including:

Images

  • PCI, SSCC and Thermal coal prices (US$/t)
  • PCI premium to Thermal (US$/t)
  • PCI coal margins on a knife-edge: Image 3
  • PCI coal margins on a knife-edge: Image 4

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