Coking Coal PriceOther than seaborne coking coal, Teck's asset mix isn't doing too bad. WCS seems to be making an (albeit, small) recovery, while zinc and copper are trading near their 1 and 3 year highs, respectively.
I saw an interesting article on China's coking coal situation:
https://www.spglobal.com/platts/en/market-insights/latest-news/coal/102320-analysis-chinas-import-halt-of-australian-met-coal-could-come-at-a-cost-to-chinese-steelmakers
However, the spot availability of alternative origins is low, forcing Chinese steelmakers to use more expensive domestic coking coals, eroding their profit margins in the process.
Alternative seaborne origins such as Canada, the US, Mozambique, Russia and Mongolia are mostly overbooked, or in short supply. In addition, it takes around 45 days to ship coal from the US to northern China, which would result in late December or January arrivals, and 21 days from Canada. For Chinese buyers seeking spot cargoes to cover immediate needs, this is too long to wait.
Not sure this has been posted anywhere else, but Teck has also confirmed that the ban has not affected their shipments to China.
https://www.afr.com/companies/mining/china-coal-fears-grow-as-rival-nations-keep-shipping-20201015-p565ba
So it will be interesting to see the coking coal results between (1) seaborne prices tanking due to the additional supply of Australian coal and (2) whether China's prices will pick up the slack.