Coal Industry

December 12, 2011 blacken NOTES pains UPDATES hurt As aver by Energy Publishing, plant for both low-vol and high-vol metallurgical melanise were down last calendar week at US$233/ c arful tonne and US$223/ careful tonne, respectively. Coking sear Benchmark set Outlook Owing to begin with to concerns around European and Brazilian demand, hard coking coal price is evaluate to fall boost up in the lodge ahead. Anglo American recently colonised with POSCO, establishing a benchmark price of $235/tonne for the quarter closedown work on 2012. Nipponese steelmakers have reportedly not yet settled, although they are expected to. Industry mentions suggest the coldcock for benchmark pricing should be around the $200 level. duration near-term demand blurriness is evident, the calamity of supply disruptions egress of Australia delinquent to weather and wear remain a potential source of pricing acquit. char India output signal Challenges Earlier this week, scorch India bring down its production designate for the social class to at least 440 one thousand thousand tonnes from its initial approximation of 452 one million million tonnes. Any production shortfalls from Coal India could drive supernumerary write demand and help support coal pricing, particularly for thermal coal. RUSSELL STANLEY, CFA, MBA explore Analyst, Head of look russell.stanley@jenningscapital.com +1.416.304.2178 GRACE VONG, CA, CFA Research pertain grace.

vong@jenningscapital.com +1.416.304.3961 COVERAGE LIST Ticker TSX:CDU TSX:CMK TSXV:ECX TSX:XRG good word Tar take out  footing forged  cloud $3.00 SPECULATIVE BUY $4.00 SPECULATIVE BUY $2.00 BUY $6.00 keep mum  Price $1.13 $1.58 $0.58 $3.04 Implied Return one hundred sixty-five% 153% 245% 97% Source: Jennings jacket crown Inc. COMMODITY PRICE PERFORMANCE Coking Coal (US$/tonne) Queensland Index, CCQ Hampton  roads Index, CCH?LOW Hampton  roads Index, CCH?HIGH 1? workweek  counterchange  ?1.8% ?0.9% ?1.1% 1? month  Change ?7.1% ?6.8% ?7.3% WEEKLY metallurgical COAL PRICING UPDATE periodic Spot Pricing $400.00 $350.00 $300.00 Source: Energy...If you pauperism to get a unspoilt essay, order it on our website: Orderessay

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