RE: RE: RE: Got some more clown stories? i do...sikone, your story is
one MONTH old, mine is
TODAY'S NEWS!!!!
PERTH, Jan 20 (Reuters) - Macquarie Group (MQG.AX) has cutits 2009 forecast for thermal and coking coal prices, citingslackening demand from end users and increased supplies, anddowngraded ratings on two coal companies.
The Australian bank cut its forecast for 2009 benchmarkcontract prices for hard coking coal, used in steelmaking, by21 percent to $110 a tonne, compared with $300 a tonne strucklast year.
Thermal coal prices, used in power generation, are expectedto drop 40 percent from a year ago to $75 a tonne, Macquariesaid in a research note led by Adam Worthington that was issuedon Tuesday.
Its previous forecast for thermal coal was $105 a tonne.
The bank cited a continued deterioration in steel market asthe key reason for a pull back in coking coal prices, addingthat the reversal in steel production for 2009 could seeseaborne metallurgical coal demand drop 12 percent, or by 27million tonnes.
In the thermal coal market, Macquarie said slowing demandand improved supply led by China and Australia were majorfactors pressuring prices.
The bank also cut its price forecasts for Thailand's BanpuBANP.BK, Indonesia's United Tractors Tbk (UNTR.JK), IndoTambangraya Megah (ITMG.JK) and Bayan Resources (BYAN.JK),though it their rating at "outperform".
It however downgraded Indonesia's Indika Energy (INDY.JK)to "neutral", saying the firm's 2009 earnings were at risk,while Hong Kong's Hidili Industry (1393.HK) was also downgradedto underperform on a weak coking price outlook.(Reporting by Fayen Wong; Editing by Ben Tan)