OAO Raspadskaya, Russia’s second- largest producer of coking coal, rose the most in almost two weeks after the company said steelmakers agreed to pay higher prices for the fuel and Deutsche Bank AG recommended the stock. Raspadskaya rose 6.7 percent to 124 rubles ($4.19) at 11:29 a.m. in Moscow, heading for the biggest gain since Sept. 25 and valuing the company at $3.3 billion.
Moscow-based Raspadskaya raised fourth-quarter prices for washed coal by 69 percent to 2,700 rubles per metric ton, said Alexander Andreyev, a company spokesman, by phone today. Asian coal buyers are seeking alternatives to Australia, benefitting Russian producers, Andreyev said.
Deutsche Bank raised its price estimate for Raspadskaya shares by 37 percent to $5.40, citing higher coal prices, and retained its “buy” recommendation.
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