From the ANZ:
Newcastle FOB physical thermal coal prices were steady last week at USD89.05/t. Although market activity remained subdued, the end of the Muslim holiday of Eid al-Fitr in Indonesia should see more movement this week. Having hit a low of a low of USD81-82/t in late July, thermal coal prices have held up well. The same cannot be said of coking coal. Prices fell a further 5% last week to USD165/t, tracking the fall in iron ore – down 9.8% w/w to USD99.4/t – and China steel (HRC) – down 2.6% w/w to CNY3511/t. Looking forward, there remains the possibility for further declines, with Shanghai Rebar prices around 8% above their GFC lows.
