Met Coal Futures Hustle into October

Physical, Paper Markets Now $25-30/t Apart, US Stock Run Cools Off

Spot prices for Premium Low-Volatile (PLV) metallurgical coal futures on the Singapore Exchange did their best impression of the late, great, tragically flawed Pete Rose yesterday, with the Sept-Oct contract roll sliding headfirst into Q4 and hustling up 22% to $228/tonne according to Barchart data released this morning.

While it shouldn’t be all that shocking from a seasonal perspective – we also saw a ~10% roll up from $300-330/t last October – it shows a pronounced divergence from the physical price assessments we’re seeing in the trade publications. And this is already beginning to show further down the curve, with Apr and Oct 2025 pricing each down 3-4% on the day…