http://edge.alluremedia.com.au/uploads/*/2016/10/superman.jpgPhoto by John Lamparski/Getty Images
However you describe it — whether “exciting” as HSBC did or “amazing” according to Westpac — the rally in coking coal prices this year has been nothing short of extraordinary.
It’s the rally that keeps on keeping on, seemingly overcoming anything in its path.
Borrowing from Superman, it’s the commodity of steel, perhaps an appropriate description given it’s a key steel-making ingredient.
The spot price for premium hard coking coal has rallied by a further 15% in the past two weeks, driven higher by unexpected operational issues at Anglo American’s German Creek coking coal mine in Queensland.
As a result, it now stands at a giddy $US245 a tonne.
The lows of $US72 a tonne seen late last year now appear to be all but a distant memory. A 240% price surge in less than 12 months!
Wheres Paul Jury !! I think i recall first production was supposed to be early 2016, we would of been flying on this rally. thanks to Paul we will be 3 years late ? ??
RES Price at posting:
15.0¢ Sentiment: Hold Disclosure: Held
