The forces of supply and demand are warring to determine the direction of the coking coal market, and one thinks of an old Bruce Springsteen lyric: "There are winners and losers, and you don't want to be on the wrong side." Producers with high quality met coal in their portfolios have been big winners lo these 'many months, the result of an endemic shortage of the good stuff and the devastating late-2010, early-2011 floods in Australia. The latter event was the headliner, but one ought not to forget the former fact when attempting to determine how this thing will wind down the rest of this year and throughout 2012.
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