Severstal has named the recent increase in coking coal prices unjustified and hopes for their decrease in the next 2 months, as the future steel profits will face higher coke expenses.
According to the company, the main reasons for the coal price increase were the decrease in working hours at Chinese mines and the breaches of supplies in China and Australia.
“These factors do not justify the current coking coal prices, so a considerable drop is expected in the coming month or two. High prices for coking coal result in a considerable increase in steel manufacturing expenses”, the company noted. (Ukrainian metal)
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