Citing the malaise in coal markets and the large drop-off in Chinese import demand, ANZ cut its coking coal forecasts by 8.5% to $US104 a tonne in 2015, by 15.5% to $102/t in 2016 and by 12.5% to $111/t in 2017.
However, the Platts premium Australia HCC spot price had already fallen to just $85/t more than a week ago.
Solid Energy, which recently made 113 redundancies at its flagship Stockton coking coal mine in New Zealand, said on Thursday that HCC spot prices had fallen to $83/t.
ANZ also cut its thermal coal forecasts by 6% in 2015 to $61/t, by 9% to $64/t in 2016 and by 11% to $67/t in 2017.
The 2015 forecast is not too far off Newcastle spot thermal coal prices of $61.8/t clocked up last week.
