Case: Blast Furnace Cycle Lift

Improving steel margins lifted met coal demand despite flat thermal balances, widening the relative spread between the two markets.

Key Takeaways

  • Met and thermal coal can decouple for long windows.
  • Steel cycle tracking is key for met coal positioning.
  • Relative-value frameworks outperform single-benchmark focus.

References

Last reviewed: 2026-03-21