Nomura Securities on Metals and Mining: East Coast Coking Coal Exports Reach 12-Month High

Nomura Securities on Metals and Mining: East Coast Coking Coal Exports Reach 12-Month High

Analyst, Curt Woodworth, said, "Alpha Natural (NYSE: ANR) and XCOAL drive April exports higher. U.S. coking coal exports continue to improve following a strong recovery that started in March, up 3% MoM and 9% YoY on strong demand from Asia. ANR continues to take market share in the export market, with exports nearly triple to 647kt. ANR made its first shipment of thermal coal to China during the month, selling 213kt. Met fundamentals remain strong, with spot prices near $224/tonne (Platts LV) and recent trader reports highlighting tightness in China, especially for low-volume met coals. We maintain a Buy rating on ANR with a $20 PT."

For Other Sector Stocks:

Arch (NYSE: ACI) – Coking coal declined by 1.5% MoM due to weakness in Brazil,
but Asia and European volumes continued to improve, up 24.7% and 8.5% MoM, respectively.

Consol (NYSE: CNX)– Standalone volumes declined significantly, due to the Buchanan outage in April, with coking coal exports down 35% MoM and thermal exports down 73% MoM. XCoal volumes were up significantly (73% MoM), likely benefiting CNX crossover volumes in April.

Patriot (NYSE: PCX) – Shipments are down 17.5% MoM, and YTD exports are tracking a 24% decline from 2011.

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