Viewpoints as to direction of global steam market remain varied

摘要

A few impressions gathered from attending McCloskey's European Coal Conference... Opinions are like noses - pick your own. But folks truly seemed polarized with regard to the likely direction of the global steam market. Some speakers and delegates laid out awfully bullish cases, based mainly on the Asian market's continued ability to absorb South African coal, which would force Europe to continue to turn to South America, the U.S., in some cases, and other alter natives, thus keeping the Atlantic market tight. But European buyers have adequate inventories of coal, in general, and others argued that the market is ripe for a crash. Natural gas is winning the day, and the physical market in Europe - or lack of one - will de fine the back half of the year, forcing the paper market to capitulate.