Seaborne metallurgical coal, the best performing major commodity of 2016, has made a weak start to the New Year as Chinese mines have responded to pressure from Beijing to increase output.
According to information available with Steel Insights, the premium variety was quoted lower at $172 per ton FOB Australia on January 31, 2017 as against $235 per ton FOB Australia on December 30, 2016. Peak Down prices were quoted at $173 per ton FOB Australia on January 31 as compared to $236 per ton FOB Australia on December 30.
Meanwhile, imported met coke prices dropped to $289 per ton CFR India on January 31 as against $312 per ton CFR India on December 30.
The spot prices for met coal sky-rocketed last year after China introduced production curbs in an effort to improve the profitability of its heavily indebted coal industry. The clampdown saw coking coal more than quadruple and peak at more than $300 a ton in December — a level last seen in 2011. It also boosted the price of thermal coal, which is used in power stations to produce electricity and profits at major international producers such as Anglo American, Teck Resources and Glencore.
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