Fitch Ratings, a global credit rating agency, revised short-term price assumptions for iron ore and hard coking coal down on the concern of lower current prices and increasing uncertain factors.

The iron ore and hard coking coal price assumptions were cut from CFR US$120/ton to US$115/ton and from CFR US$400/ton to US$370/ton, respectively. The reason for the decrease was because of lower steel demand.

On the contrary, Fitch revised the assumed price of thermal coal upward because of high demand, particularly in China.