From ANZ:
Bulks were weaker on Friday, but the weekly change was more positive. Iron ore prices were up 3.9% for the week, while thermal and coking coal prices both rose 0.9%. Coking coal prices could be stabilising after 12 weeks of consistent declines, however there could be some downside risk for the market longer term. Last week ArcelorMittal and Posco decided to scrap USD12bn of proposed steel projects in India and ongoing delays in building plants by Tata Steel Ltd could cut 2020 steel capacity by a quarter and suggests Indian seaborne demand for coking coal could be at risk. Some of the key difficulties highlighted included slowing demand, land acquisition delays, rising funding costs and difficulties getting iron ore mining permits. In 2012, India imported about 33mt of coking coal and is the fourth largest importer.
