Reuters has texture:
Coking coal inventory across ports in China stood at 5.73 million tonnes, as of July 19, up 36% from a year ago and 107% this year, she said, while news of renewed audits on anti-pollution measures by mills also weighed on coking coal.
However, prices had stabilised, helped by a switch to lower-priced coking coal to improve steel margins, said Lau.
“Overall, we expect … prices to stay high after September on increased steel production,” she said.
Meh, if iron ore goes so will coking coal. To the charts:
Spot up. Paper up more. Steel hanging on.
Yawn, it’s toast.