...Pricing Remains Subdued After a 16% decline in second-quarter 2014, contract pricing for seaborne hard coking coal remained flat around $120 per tonne (t). Fitch Ratings expects prices to remain subdued through 2015 as Chinese import demand weakens and the seaborne market continues to be oversupplied. None of the top three seaborne metallurgical (met) coal producers, BHP Billiton plc, Teck Resources Ltd. or Anglo American plc, guides to steep declines in production for 2015. Chinese Imports Decline Chinese imports of metallurgical coal have declined 17% since 2013. Fitch expects continued soft import demand as slowing real-estate construction reduces demand for steel. In an effort to strengthen its domestic producers, China imposed a tariff on metallurgical coal imports in October 2014. Though it reached an agreement to lift the ban on Australian imports in November, the tariff could still limit Chinese import growth and add to the seaborne market oversupply. Australian Exporters Benefit...
