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Despite time lags, we still can see a clear correlation in thermal price changes between China's main production areas and northern ports. Miners, to some extent, adjust prices in line with changes at ports, esp. in a downward market.

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China's prices are affected by and adjusted with changes of met. used for production, but at a slower & much less magnitude and usually last longer. Attention should always be paid to the downstream sectors, which often subject to env

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