Should be at least double, page-168

Metallurgical Coal Stocks Tipped for Time in Sun — Market TalkJul 4, 202414:03 GMT+10639−1.83%WHC+0.67%YAL+0.81%TECK−3.27%Metallurgical coal, the kind used in steelmaking, is now Morgan Stanley's top pick among mined commodities, and its analysts reckon there's a near-term opportunity to bet on stocks exposed to the energy resource. They highlight Yancoal Australia, Whitehaven Coal, Teck Resources and Shougang Fushan as their top picks. The analysts reckon investors are underestimating supply constraints for the metallurgical coal industry in China. They predict the market will tighten as those supply constraints help balance soft demand from China's property industry, while India's import demand is also expected to rise. "We forecast circa 15% upside to year-end coking coal prices, with MS [estimates] of US$290/ton in 4Q24," the analysts say.


I note: YAL is mainly thermal????????