Coking Coal Prices for Fourth Quarter Lower Than Forecast, Macquarie Says

Contract prices of coking coal to make steel for the fourth quarter were lower than expected, at $209 a metric ton rather than a forecast of $215 a ton, Macquarie Group Ltd. said.

Prices for Australian coking coal have rallied in the past week or so to more than $210 a ton, Macquarie said in a report dated Sept. 6. Steel production may rebound in the fourth quarter and next year, helping the coal price to be “robust heading into the end of the year” and rise to $250 a ton by mid-2011, the bank said.

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