CNY Devaluation To Hurt Coal More Than Iron Ore: Goldman Sachs

As China is turning into a global price setter for coal, the latest surprise devaluation of CNY should impact coal more than iron ore, notes Goldman Sachs. Christian Lelong and Amber Cai of Goldman Sachs in their August 14, 2015 research note titled: “Iron ore fundamentals unscathed by weaker CNY” believe iron ore prices have a further 30% to fall over the next 18 months. CNY devaluation to have muted impact on iron ore market Lelong and Cai point out that among bulk commodities, coal is particularly exposed to the CNY devaluation, as the rest of the world relies on…