Market Report -- Short Stories (BTU)
November 11, 2009 9:36 AM ET
Credit Suisse raises met coal price forecast and increases coal tgts accordingly . Credit Suisse is raising their metallurgical (coking) coal price forecasts for 2010, 2011 and 2012. They believe the primary driver of higher met coal prices will be continued strength in demand from growing global steel production (which should improve further with an ongoing global recovery) and ongoing supply constraints, particularly in Australia (largely infrastructure related). The net impact is that coking coal markets look likely to remain reasonably tight over the forecast period to 2012. In fact, they forecast modest (notional) market deficits over this period. They have raised ests for ANR and their tgt to $45 from $42. They have raised ests for ACI and their tgt to $26 from $25; they have raised their ests for CNX and tgt to $57 from $55; their ests for MEE and tgt to $38 from $31 and their ests for BTU and tgt to $52 from $48.
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