[miningmx.com] – THERMAL coal prices in Asia were unlikely to rebound, said Bloomberg News which cited a report by Goldman Sachs which said the Chinese economy was rebalancing towards less intensive energy growth.
“China remains a large, price-sensitive buyer that continues to set a price ceiling on the seaborne market even as import volumes decline,’ Goldman said in the report. It cut its forecast for power-station coal at the Australian port of Newcastle 12% to $69/t in 2015.
“As the Chinese economy rebalances, new mining capacity continues to be delivered well in excess of what the domestic market now requires, and will continue to do so until 2016,’ it said.
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