Coking coal price crashes through $100

Australian coking coal export prices fell nearly 4% reaching single digits for the first time since the data have been collected while quarterly contract prices reached six year lows, according to Mining.Com.

According to data supplied by The SteelIndex spot Australian hard coking coal (FOB Australian east coast exports) price gave up 3.7% on Thursday to $99.50 a tonne, the lowest since January 2013.

The steelmaking raw material is down 16% so far this year. Spot premium coking coal used lost $4.60 or over 4% to $108.20 a tonne, also the lowest on record.

Anglo-American is reported to have settled second quarter contracts with Japan at $120 a tonne. At the same time Indian steel mills according to Bloomberg have inked supply deals at $125 a tonne down 13% from first quarter benchmarks and the lowest since 2008.

Quarterly benchmark coking coal traded as high as $330 a tonne in mid-2011 after bad weather took much of Australia's supply off the market and stayed above $200 for two years between September 2010 and September 2012. (*)