Asian buyers and Australian sellers of coking coal look likely toenter the fourth quarter of 2016 (October-December) withoutbeing able to reach an agreement on price.The ramifications of this eventuality are far-ranging and includeinter-alia the weakening, if not collapse, of the benchmark pricingsystem; coal being supplied under provisional pricingmechanisms; further fraying of already tense relationshipsbetween steel mills and coal producers; and contract coaldeliveries being redirected to more lucrative spot markets.
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