Abstract
Contemporary energy policy has been characterized by many assessments of in situ national energy stocks. While such assessments often include estimates of black coal reserves, no attempt is usually made to classify these reserves on the basis of their suitability for transformation into coke. This paper shows, by reference to the economic relationship between fossil fuels in the pig iron manufacturing and bulk heat markets, that coking coal and steaming coal are poor economic substitutes at current prices. From this it is concluded that there is a potential for misguided energy policymaking so long as national in situ black coal stocks continue to be assessed without regard for their coking properties.
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