Metallurgical Coal Prices to Stay Robust
By Purchasing Staff -- Purchasing, 11/13/2008 7:00:00 AM
J.P. Morgan & Co.'s coal team forecasts that 2009 prices for metallurgical coal "will remain robust" at an estimated $260/metric ton, although down from the record 2008 price average of $300. In 2007, the U.S. coking coal price average was $98. Looking ahead, "rapidly deteriorating economic conditions exacerbated by the credit crisis threaten to reduce demand for coking coal," says the firm's coal team. Additionally, negotiations for U.S. domestic steelmakers' needs come amidst international uncertainty on steel demand.
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