From ANZ:
Bulks were mixed, with spot iron ore prices down 0.9% to USD137.8/t due to the seasonal slower demand and as market participants wait for clearer market direction from China’s PMI releases. In contrast, FOB Australia coking coal price rose another 0.8% to USD140.9/t as Chinese buying continues to be strong. Coking coal prices have increased over the past 5 weeks and appear to be gaining good momentum. Baltic freight rates are also showing positive momentum, despite reports of quieter trade. Perhaps the recent rise is more of a reflection of future sentiment, with buying expected to pick-up in the fourth quarter, rather than current market conditions. Chinese iron ore port stocks are relatively low and have been flat over the last 3-4 months, while coal port stocks appear flat in August, after building since early May.
And the chart:
