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Australian hard coking coal prices were down for the fifth week in a row. Both the FOB Australian index and CFR China index are now priced at $284/mt, down 5.3% on the week.
WoW: FOB Aus -2.0%, CFR China -2.0%
MoM: Fob Aus -10.1%, CFR China -10.1%
YoY: Fob Aus -19.5%, CFR China -14.7%
Despite the fall in premium coking coal prices, metallurgical price relativities remain widely dispersed:
Seaborne thermal coal indexes were mixed this week, consolidating on the rally caused by increased Russian export sanctions and associated worries of supply shortages:
WoW: API2 +1.2%, NEWC -4.7%, S. Africa -0.6%
MoM: API2 +18.9%, NEWC +6.0%, S. Africa +7.4%
YoY: API2 -16.5%, NEWC -24.8%, S. Africa -24.6%
The Coal Trader Premium Updates ($)
Ramaco Post-Earnings Thoughts (also linked here)
Ramaco Earnings Call Transcript Notes (website subs only, linked here)
CONSOL Trade/Positioning (also linked here)
Met Market Update (also linked here)
Launch of the Coal Portfolio:
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I’m also sharing my overall PA, which now includes a partition for trading, a med-long term all inclusive allocation, and the Coal Portfolio. Subscribers can track each allocation weekly here.
Coming Soon from The Coal Trader:
Adding to Equity Research Coverage
Corsa Coal (CSO.V)
Whitehaven Coal (WHC.AX)
Weekly News Summary
Here’s the weekly rundown of the most important Coal News and Market information which I’ve curated for free and paid subscribers.
Earnings Updates:
Producers Making Moves:
Bathurst Resources Gears Up for Coking Coal Production in Canada’s Telkwa Region
Nippon Steel Resolved to Complete U.S. Steel Buyout as Biden Issues Statement in Opposition
JSW Steel to Boost Production with new Blast Furnace at Dolvi Mill
A spate of Coal Mine Accidents:
Coal Updates:
Steel Updates:
China’s steel & iron ore recovery to be slow with no stimulus coming
European HRC prices slide further as buyers waiting for ‘rock bottom’
Power Market Updates:
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Today Thungela announced 2023 results. In the Annual report two things bother me:
- based on guidance Australian costs are around AUD 150, so if prices stay where they're now, or go further down :( , they'll operate at loss,
- the marketing agreement ends and in H2 they're on their own. Will they be able to execute better or worse?
Do you have any comments on these?
Hi CT. You've got 2 articles about Bathurst Resources which I really liked, as they'll grow considerably with their Canadian projects. I made some research and find them quite cheap, so I initiated a starter position. Can you share your thoughts of the company?