BTW - this might be relevant for this thread. There is a new company "CarbonScape" trying to get capital to produce "green" coke (i.e. coking coal made from regenerative sources - i.e. wood). Interesting is their business case - it assumes an average price of NZD 450 per ton for coking coal - and they state that they don't expect to get a premium for being "green".
Taken from their answer to somebody questioning the basis of their business case:
"The NZ$450 price for Green Coke in the business plan was our estimate of the long run New Zealand price because it is the long run price, employed to smooth out commodity price swings, which is preferred by CarbonScape's first customer. The current depressed price, if held, would equate to an approximate NZ$350 per tonne price for NZ Steel."
and here is the website, if you want to read the whole lot:
https://www.snowballeffect.co.nz/carbonscape
Personally I still think that they might be a bit optimistic looking at the coking coal price (though NZD 450 per ton would be amazing for BRL,wouldn't it?), and I am not sure, whether the BRL coke has exactly the same chemical properties (not a coke expert), but even if we imagine that the average price turns out to be just half of what CarbonScape assume (i.e. NZD 225 per ton), even than would BRL make a steal if they could sell their coke for these prices ...
Discl: holding (still in the high risk portfolio), but optimistic. DYOR.