Courtesy of ANZ:
Newcastle September coal futures slipped 0.3% to USD90.70/t, while coking coal shed 2.5% to USD148.75/t. Q4 coking coal contract negotiations have been completed between BMA and Nippon Steel, with the price settling at AUD170/t. Although this is an AUD55.00 decrease from Q3 contract prices, the USD20 premium to spot prices was in line with our expectations. Looking ahead, we believe coking coal prices may show signs of recovery in the coming weeks. Spot iron ore fell 2.1% to USD98.10/t, while the January Chinese rebar contract was steady at RMB3,537/t. There have been reports that China’s largest privately owned steelmaker, Jiangsu Shagang Group, has cut its rebar prices for the remainder of September – a sign that producers are responding to market oversupply.
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