SunSirs: The Price of China Coking Coal is Running weakly in February 2024
March 01 2024 10:39:09 SunSirs (Selena)
According to the analysis system of SunSirs, the overall price of coking coal was weak in February. At the beginning of the month, the average market price was around 2,393.33 RMB/ton, and at the end of the month, the average market price was 2,283.33 RMB/ton, a decrease of 4.6% in price and a decrease of 6.48% compared to the same period last year. On February 28th, the energy index was 1,020 points, a decrease of 2 points from yesterday, a decrease of 34.66% from the highest point in the cycle of 1561 points (2021-10-21), and an increase of 99.61% from the lowest point of 511 points on March 1st, 2016. (Note: The cycle refers to 2011-12-01 present)
According to the commodity market analysis system of SunSirs, the coking coal market operated weakly in February, and the supply side was mainly focused on safety during the Spring Festival period. Returning after the holiday, but the pace of coal mine resumption is relatively slow, coupled with rainy and snowy weather, the market supply is relatively average. Downstream coke shipments have been difficult this month, with steel mills experiencing losses and purchasing coke in moderation. At the end of the month, the fourth round of coke price reduction was implemented, and coke losses became more severe. The market is mainly pessimistic.
According to the coking coal analyst of SunSirs, the supply side is mainly focused on safety during the Spring Festival, and the supply of coking coal is limited. On the demand side, due to the pessimistic market sentiment of coke prices this month, the fourth round of price reduction has been implemented. Overall, the demand for coking coal is average, and coking coal prices may be weak, depending on downstream market demand.
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