Steam coal producers ponder softening prices

摘要

Hurricane Katrina and surging oil prices have done nothing to reverse the continuing weakness of the steam coal market. Shortages may begin to show over the coming weeks, particularly if reports of low diesel stocks at US opencast mines are well founded, but coal producers have become mesmerised by falling prices this year regardless of how high oil and gas prices rise. In a survey of commodities, Mac-quarie Bank reckons that only coal fell in price in August.