Consequently, Chinese imports of coking coal have increased 12% in the first seven months of the year and caught many traders by surprise.
Morgan Stanley analyst Tom Price called the scale of the rally “a complete surprise.”
Looking ahead, the coal industry’s good fortune is ultimately tied to restrictions on China’s output, UBS Group AG said, also raising its coking-coal forecasts for this year and the next.
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VanEck Vectors Coal ETF