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Businesses in China restarting will lift demand for bulks though the pace of demand recovery will lag behind supply, capping the upside, according to strategists at ANZ Research.

Key quotes

“Coal daily consumption recovered swiftly after business restarts, but supply has recovered from 30% utilisation rate to more than 80%.” 

“A linear extrapolation suggests that by early April coal consumption will be recovered to last year’s level.” 

“Supply disruptions have protected iron ore from the broad sell-off. Meanwhile, easing supply concerns in Australia and Brazil weighed on prices.”


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