Courtesy of ANZ:
Thermal coal prices continued to decline, while iron ore and coking coal prices increased slightly. Some of the steam has been removed from bulk markets, as participants wait on the sidelines for announcements from China’s new government during the Central Economic Work Meetings. Iron ore and coking coal markets appear to be supported by reports that Baosteel will raise January booking prices by 60-80 yuan (~USD10-13) per tonne, but this is still slightly lower than the 100 yuan (USD16) rise in December. Some market participants suggest the price hikes reflect a more positive demand outlook in January, but the increase could also be steel mills passing through rising feedstock costs to end consumers.
