SunSirs: China Coking Coal Prices were Weak Last Week
March 04 2024 11:05:17 SunSirs (Selena)
According to the commodity analysis system of SunSirs, the price of coking coal was weak last week. The price of coking coal was 2,395 RMB/ton at the beginning of last week, and 2,342.5 RMB/ton at the end of last week, a decrease of 2.19%, a decrease of 5.35% compared to the same period last year. On March 1st, the energy index was 1,013 points, a decrease of 2 points from yesterday, a decrease of 35.11% from the highest point in the cycle of 1561 points (2021-10-21), and an increase of 98.24% from the lowest point of 511 points on March 1st, 2016. (Note: The cycle refers to 2011-12-01 present)
In terms of origin, the 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 affected to some extent by snowfall. 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 February, the fourth round of coke price reduction was implemented, and coke losses became more severe. The market was mainly pessimistic.
According to the coking coal analyst from SunSirs, the price of coking coal is weak, and downstream coking enterprises are cautious in purchasing. The fourth round of coke price reduction at the end of February has been implemented, which provides moderate support for coking coal. Overall, the short-term price of coking coal may be weak, depending on downstream market demand.
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