Weaker Chinese infrastructure activity will weigh on Teck's profits.
Teck posted tremendous cash flow gains in 2016 due to higher metallurgical coal prices, but we expect prices will drop precipitously through 2017 as the drivers of the recent rally abate. Our USD 9 (CAD 12) per share fair value estimate for Teck remains intact.Prices for hard coking coal rose more than 250% from their lows of $81 per metric ton in first quarter of 2016 to $200 in the fourth quarter. Prices continued to rise in first-quarter 2017, with Teck signing contracts at $285 per metric ...
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