Surging Coal Prices Drove Positive 2017 Profit Alerts; Our Bearish Midcycle Outlook Remains.
The positive 2017 profit alerts from China coal companies are within expectations, with profit rebounds driven by higher coal prices. The benchmark Bohai-Rim Steam Coal Price Index, or BSPI, closed at CNY 577 per ton on Dec. 27, leading to a 27% year-over-year rise in the weekly average from the 2016 level. While the peak heating season, along with extreme cold weather conditions, have been keeping coal prices elevating over the past few weeks, we think coal prices will weaken after Chinese New ...
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