Nomura Securities on U.S. Monthly Coal Export: Seasonal Weakness but Year-over-Year Improvement
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Up: 11 | Down: 18 | New: 13
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Nomura Securities on U.S. Monthly Coal Export: Seasonal weakness but y-o-y improvement.
Analyst, Curt Woodworth, said, "Asian buyers have pulled back coking coal purchases as cargoes to Japan, South Korea and China decreased by a combined 1.4Mt in July. According to T Parker Host data, total exports fell by 23% or 0.9Mt during the month. On the other hand, softness in demand from Asia was partially offset by better demand in Europe, with exports rebounding by 22% MoM from a 6-month low in June. Thermal volumes were weaker sequentially, declining by 41% MoM as European utilities reduce purchases ahead of the seasonally weaker shoulder season. Arch Coal (NYSE: ACI) outperformed in July with volumes improving 28% owing to better Europe and Brazil shipments, while Alpha Natural (NYSE: ANR) and Consol Energy (NYSE: CNX) underperformed. ANR and CNX’s total June shipments declined 32% and 65% MoM on lower volumes across the board.
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Analyst, Curt Woodworth, said, "Asian buyers have pulled back coking coal purchases as cargoes to Japan, South Korea and China decreased by a combined 1.4Mt in July. According to T Parker Host data, total exports fell by 23% or 0.9Mt during the month. On the other hand, softness in demand from Asia was partially offset by better demand in Europe, with exports rebounding by 22% MoM from a 6-month low in June. Thermal volumes were weaker sequentially, declining by 41% MoM as European utilities reduce purchases ahead of the seasonally weaker shoulder season. Arch Coal (NYSE: ACI) outperformed in July with volumes improving 28% owing to better Europe and Brazil shipments, while Alpha Natural (NYSE: ANR) and Consol Energy (NYSE: CNX) underperformed. ANR and CNX’s total June shipments declined 32% and 65% MoM on lower volumes across the board.
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