Is Japan about to trash the coking coal price?

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Via Macquarie:

Can the coking coal benchmark system now survive?

 With spot seaborne prices remaining volatile in 2017, the benchmark quarterly pricing system on which most miners price has come under extreme pressure. There has still been no formal quarterly settlement for 2Q17 contract prices despite more than half of the quarter having passed, as the volatility in spot prices seen in recent weeks post Cyclone Debbie has made both sides reluctant to agree to a price.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.