Thermal coal, long the power behind China’s industrial activity, is in the doldrums.
Since reaching more than $130 a tonne in 2011, thermal coal has dropped almost 50 per cent and is currently trading at levels last seen in 2009 when China, historically a net exporter, started to import large quantities of the combustible rock to meet surging domestic demand.
That recent poor performance has prompted a growing number of analysts and traders to ask if thermal coal prices are close to bottoming, particularly as Chinese demand picks up later this year.
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