
【研究报告内容摘要】Weexpectcoalpricestograduallytrendhigherin2014astheindustrybeginstoworkthroughitsspareproductioncapacity.WemaintainourAttractiveviewonChinaandIndonesiaCoal,withShenhuaandITMGourtoppicks.Coalinventorynowatmorenormalizedlevel.Whileweexpectthisyear’saveragecoalpricestobeslightlylowervs.2013,webelievecoalpriceswillgraduallypickupoverthecourseof2014.Inourview,spotcoal...