Australian sellers completed the transaction of 35,000 tons of high-quality low-volatility hard coking coal at the price of 650 dollar/ton FOB on the global COAL platform, for delivery in April. That price is 146 dollar higher than Friday's offer and 190 dollar higher than the contract price signed on March 1.

Buyers accepted the new price level and expected offers to surge further as shortages in global markets intensified due to supply disruptions in the CIS and Australia. Exports from the country have been suspended as a result of Russia's invasion of Ukraine and massive financial and economic sanctions imposed by the European Union, the United States and other countries.

In addition, coking coal exports from Queensland, Australia, decreased due to heavy rain and flooding. Earlier this week, Port Kembla declared force majeure and temporarily suspended operations due to deteriorating weather conditions. The port of Newcastle also stopped loading due to nearby storms.