Correction to Rationale of Premium Hard Coking Coal, Fob Eastern Australian Ports: Pricing Notice

Why It Matters

Accurate PHCC pricing signals are critical for steelmakers’ cost planning and for traders assessing global coal market dynamics. The correction reinforces transparency in a low‑liquidity environment, helping market participants trust the index.

Key Takeaways

• Index dropped $2.43 per wmt on Feb 12, 2026
• GlobalCOAL bid $248.50 for 75k tonnes
• Low liquidity triggered fallback pricing measures
• Correction does not alter published PHCC price
• Fastmarkets invites data submitters for index transparency

Pulse Analysis

Premium hard coking coal (PHCC) remains a cornerstone input for steel production, and the Australian east coast ports serve as a key export hub. When Fastmarkets reported a $2.43 per wmt decline in its PHCC index on 12 February 2026, the move reflected a confluence of modest trade volumes and heightened price sensitivity among buyers. The index’s dip, though modest in absolute terms, signals shifting supply‑demand balances that can ripple through steel mill cost structures worldwide, especially as producers hedge against volatile commodity markets.

The correction notice clarifies that the index calculation applied Fastmarkets’ published methodology, including a judgment‑based fallback mechanism for periods of low liquidity. In this instance, the limited number of transactions prompted the use of carry‑over data to maintain a continuous price series. By confirming that no data were discarded and that the published price remains unchanged, Fastmarkets bolsters confidence in its pricing integrity. The invitation for new data submitters also highlights a broader industry push toward greater transparency and richer data pools, which can improve index robustness and reduce reliance on estimations.

For steelmakers and commodity traders, the corrected rationale offers a more reliable benchmark for budgeting and risk management. Accurate PHCC pricing influences downstream decisions such as furnace operation schedules, inventory strategies, and contract negotiations. Moreover, the disclosed GlobalCOAL bid of $248.50 per wmt for 75,000 t provides a concrete reference point for market participants evaluating comparable offers. As global steel demand evolves, maintaining a trustworthy, methodologically sound coal price index will be essential for aligning supply chains and forecasting cost trajectories.