Research (J&T BANKA)
Czech markets  |  April 18, 2013 08:54:24

NWR: Prices and volumes for 2Q13 in line with forecasts, view unconfirmed

NWR published volumes (in line with expectations) for 1Q13 and 2Q13 for prices. Most Viewed coking coal is nasmluvněno for 104 EUR / t, which is as expected and we believe corresponds to world prices, which are estimated to NWR range of 105-108 EUR / t for 2Q13. District heating coal is 80% contracted on an annual basis to € 60 and given that the rest is sold on a quarterly basis and the average price for 2Q13 is expected at EUR 59 (as expected). Coke price is set at 246 EUR / t, which is less than we predicted 260 EUR / t

As for now we consider essential information is nezopakování view from February 21, 2013. The reason for the difficult market conditions. Just remember that it is mainly sold volumes, which can have a significant impact to the financial numbers. Overall, we believe that a similar scenario is due to the market price already expected (because of the recent easing of debt), but it will probably present unfavorable development for the title.

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NWR: Ceny a objemy pro 2Q13 v souladu s odhady, výhled nepotvrzen

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