cok rise has begun, page-8

I expect PCI to hold value at about 80% of HCC price. In the past, PCI sat around 80% of HCC until there was an over supply, and it would then track back to $Kcal to thermal.
But in the last year it has held. I think on the basis that more steel mills are relying more heavily on injection coals to displace coke in the blast furnace. Using injection coals to control the chemical and energy balance down at the liquid zone.