MVS Research: Coking coal crunch - raw materials costs drive down Chinese mill profits

摘要

Steel prices have failed to keep pace withrising coking coal prices, resulting in Chinesesteel mill margins dropping by $20/mt for HRCand by $10/mt rebar over the past month.Coking coal prices have soared to their highestlevel in over three years, so mills have yet tofully bear the brunt of this recent price surgeand will see rising raw material costs eat intotheir profits further, unless steel prices pick up.