TOKYO -- After falling sharply since November, spot prices of coking coal have begun recovering in the wake of a cyclone that damaged railroads in an Australian coal-producing region.
Bellwether Australian coal, selling for $170 to $180 a ton, has risen 20% in the past two weeks to the highest level since late January. China observed a holiday from Sunday to Tuesday, leading a growing number of market watchers to expect a possible rush of purchasing by traders with the holiday's end. Coking coal is used to make steel.
