June 2015 | Steel Raw Materials
Chinese restocking activity drives price rebound: Coking Coal and Coke Market Analysis
Despite the recent rebound, MBR believes seaborne metallurgical coal benchmarks have been relatively slow in bottoming out due to slack market fundamentals.
Major seaborne metallurgical coal suppliers were able to successfully turn higher offer prices into secured transactions over the past week, as Chinese steelmakers and coke plants undertook a spate of restocking activity to replenish their depleted stockpiles. As a result, several deals that concluded on Friday 29th May pushed Metal Bulletins Premium Hard Coking Coal Index up 2.4% from the previous week to $92.41/t CFR, Jingtang. MBR understands that the majority of Chinese steel mills remained reluctant to book large volumes of new bookings, as many still prefer...
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