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Premium hot coking coal shot up 16% week-on-week to $258/tonne CNF Paradeep on renewed demand from India. With a pick-up in the pace of production after maintenance shutdowns at a few mills, demand for both hot coking coal and soft coking coal have been robust.
Aluminum prices are expected to remain stable to high as heat wave in China reduced hydroelectric power generation in the Sichuan province and available electricity is steered away from power intensive industries China continued with small doses of economic stimulus, with a sudden 10 bps cut in lending rates by People’s Bank of China.
This points to an acceptance of a slowdown in China and efforts to revive demand by easing money supply. We believe concrete measures are needed to revive the Chinese economy, in addition to a rethink on their zero Covid strategy.
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