Eeeeeeeep.
"FLOODING in Queensland's Bowen Basin has resulted in a "supply apocalypse'' for coking coal, with contract prices likely to hit $US300 per tonne - three times the price in 2007 - as steel mills scramble for the key ingredient...
Tight supply has been exacerbated by China withdrawing from coking coal exports, as internal demand soars and coke stockpiles decline to historically low levels,'' Merril Lynch said....
Brokerage Goldman Sachs JBWere said the supply squeeze has prompted one Asian steel mill to acquire coking coal on the spot market at $US400 per tonne..."
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