True enough, prices fell in December, in-line with our
expectations but the continued and accelerating retreat in
early January caught us somewhat by surprise. As the chart
shows alongside, our benchmark Australian hard coking coal
price had fallen by 36% during the eight weeks since our last
update and to below $180/tonne FOB at the time of writing in
The speed of correction has, however, stood out in the
steelmaking raw materials...