Last month the Australian government’s Office of the Chief Economist flagged a smaller fall for the new Japanese financial year.
"Benchmark prices for the Japanese fiscal year 2015-2016 (April to March) are forecast to settle 14% lower at around $70/t," the OCE said.
Macquarie has forecasted prices to fall 22% from $82/t to $64/t for the new Japanese financial year while it expected spot Newcastle thermal coal prices to average $56/t for the June and September quarters before rising to $58/t in the December quarter.
“Wider market continues to underestimate the impact of Chinese import restrictions,” Macquarie said in relation to thermal coal demand this year.
The broker forecasted hard coking coal prices to remain around $117/t in the June quarter before hitting $120/t over the subsequent September and December quarters.
“Seaborne supply will be down year-on-year in 2015, looks like another dull price year,” Macquarie commented in regards to its HCC outlook.
