However the bigger question is what on earth is going on. The theory was that lower grade product discounts had permanently increased above 15% but that discount is now materially less than 15%. This higher discount was supposed to be for environmental reasons. So what has happened?
Coking coal is getting much cheaper (down USD200/tonne in three months) . Cheap coal means lower IO grades are economic.
However the bigger question is what on earth is going on. The...
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