SunSirs: China Coking Coal Prices were Weak Last Week (March 4-8)
March 12 2024 10:26:57 SunSirs (Selena)
According to the commodity analysis system of SunSirs, the price of coking coal has been weak this week. At the beginning of the week, the price of coking coal was 2,342.5 RMB/ton, while at the end of the week, the price of coking coal was 2,312.5 RMB/ton, a decrease of 1.28%, a decrease of 7.19% compared to the same period last year. On March 10th, the energy index was 1,011 points, unchanged from yesterday, a decrease of 35.23% from the highest point in the cycle of 1,561 points (2021-10-21), and an increase of 97.85% from the lowest point of 511 points on March 1st, 2016. (Note: The cycle refers to 2011-12-01 present)
In terms of origin, last week the domestic coking coal prices were relatively weak, and coal mines gradually resumed production after the year. However, the current trading atmosphere is average. The coking coal market is operating weakly, and recently, due to the impact of meetings, most mining areas have increased safety inspections, resulting in a tight supply of coking coal in the market. The coke market is operating weakly, and the coke market is operating weakly. After the implementation of the fourth round of price cuts, the production restriction efforts of coking enterprises have increased. Although the recent decline in coking coal prices has somewhat restored the profits of coking enterprises, most coking enterprises still suffer losses and the production restriction efforts are still significant.
According to the coking coal analyst of SunSirs, the price of coking coal is weak, and downstream coking enterprises are cautious in purchasing and replenishing raw materials in an appropriate amount. Overall, the short-term price of coking coal or weak consolidation operation is mainly based on downstream market demand.
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