SunSirs: China Coking Coal Prices were Weak Last Week (February 18-23)
February 27 2024 10:22:33 SunSirs (Selena)
According to the commodity analysis system of SunSirs, the price of coking coal was weak last week. At the beginning of the week, the price of coking coal was 2,393.33 RMB/ton, while at the end of the week, the price of coking coal was 2,373.33 RMB/ton, a decrease of 0.84%, a decrease of 1.45% compared to the same period last year. On February 22, the energy index was 1,022 points, an increase of 1 point from yesterday, a decrease of 34.53% from the highest point in the cycle of 1,561 points (2021-10-21), and an increase of 100.00% from the lowest point of 511 points on March 1, 2016. (Note: The cycle refers to 2011-12-01 present)
In terms of origin, domestic coking coal prices were weak last week, and coal mines resumed production gradually after the year. However, the current trading atmosphere is average, and transportation is expected to resume for some time due to the impact of snowfall. In addition, due to the recent special rectification of coal mine "three super" and hidden work in Shanxi Province, it is expected that the supply of coking coal will be tightened. The coke market is operating weakly, with downstream steel mills performing weakly and still in a loss making stage, resulting in average demand for coking coal.
According to the coking coal analyst of SunSirs, the price of coking coal is weak, and downstream coking enterprises are cautious in their procurement. There is still a downward trend in raw material procurement. Overall, the short-term price of coking coal may be weak and consolidating, depending on downstream market demand.
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