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Platts reported that Macquarie Bank has lowered its price forecast for hard coking coal by 13.4 percent for the second half of 2013, a move that suggests Q4 contract prices will stay steady at $145 per metric ton.
Platts reported that Macquarie Bank has lowered its price forecast for hard coking coal by 13.4 percent for the second half of 2013, a move that suggests Q4 contract prices will stay steady at $145 per metric ton.
As quoted in the market news:
‘We believe major Australian producers will keep contract prices at current levels until 10 million-15 million mt/year of US swing tonnage exits the market, which given the loss of US competitiveness from currency moves and the degree of current cash burn seems inevitable,’ it said.
Australian miners are ‘increasingly seeing their US peers as unwanted guests in their Pacific basin home.’
Macquarie has also downgraded its 2013 price forecast for Chinese coke exports by almost 10% to $250/mt FOB.