Improving Chinese buying appetite and strong spot liquidity pushed met coal prices higher last week, although some end users still remained cautious, it said.
China's daily steel production for the last 10 days in July reached 2.08 million tonnes, down 2.2% from mid-July.
China's total steel production in July was reported at 65.47Mt – up 6.2% year on year.
“Thermal coal prices diverged this week, with coal sold FOB Newcastle and Richards Bay up 1.8% and 4.6%, respectively, while coal delivered into Europe was down 0.7%,” according to RBC Capital Markets.
“Newcastle and Richards Bay prices were holding steady given Colombian supply concerns, while European prices dropped to a one-month low due to abundant coal supply alternatives.”