coal has gotten the attention of Wall Street.
The mercantile coal is used in the production of steel. It sells for about 3 and a half times higher than energy coal.
There is a businessman that wants to begin mining mercantile coal in West Virginia, Virginia and a power plant in Montana I believe. There is a limited need for mercantile coal so how he can promise 400 jobs or more on a consistent basis is anyone's guess.
I have to wonder if Dr. Moniz has examined the heat intensive energy of producing steel and found better more efficient ways of producing that heat than burning coal?
Singapore (Platts)
19 Aug 2016 418 am EDT/818 GMT
The seaborne premium hard coking coal market (click here) posted its biggest weekly gain August 19 since the 2011 floods in Queensland, Australia, as a supply shortage in China, the world's largest producer of the steelmaking raw material, prompted end-users to scramble for spot cargoes.
Logistical bottlenecks, including road repairs and slower rail haulage in China's coal producing hub of Shanxi, were responsible for the recent supply squeeze, according to industry insiders.
Platts-assessed spot premium low-vol hard coking coal prices jumped $11/mt to $125.50/mt CFR China during the week ended August 19, the largest increase since February 2011, and a price level not seen since September 18, 2014....
Wall Street never asks how much demand there is for mercantile coal. The financial community sees a flashy article in the newspaper about coal production for this particular market and believe this is the next big thing. It is not. The articles are about producing more coal in an election year, NOT, the increase in need through the building of more steel plants. Wall Street is wrong and this is simply a political stunt for the elections.
Prices of prime hard coals from Australia rose $8.75/mt to date this week, to be assessed at $117.25/mt August 19....
Hello? There are no new steel plants! Hellooooooo........
Every defunct coal mine and bankrupting companies have just played the biggest scam of all times and dumped their shares at hideously high prices.
Dah!
