++++

REVISED FORECASTS FOR THE OUTLOOK FOR THE COMMUNITY SOLID FUELS MARKET IN 1984

( 84/C 297/03 )

CONTENTS

*PAGE*

I . INTRODUCTION AND SUMMARY*4*

A . INTRODUCTION*4*

B . SUMMARY*4*

II . GENERAL ECONOMIC SITUATION AND OUTLOOK*5*

III . COAL DEMAND BY SECTOR*5*

1 . STEEL*5*

2 . POWER STATIONS*5*

4 . OTHER INDUSTRIES*5*

IV . COMMUNITY COAL PRODUCTION*6*

1 . PRODUCTION STATISTICS*6*

V . COAL PRICES*6*

1 . CHANGES IN LISTED PRICES FOR COMMUNITY COAL*6*

2 . CHANGES IN THE PRICE OF IMPORTED COAL*6*

( A ) CURRENT AND FORECAST FACTORS*6*

( B ) RECENT CHANGES*6*

( C ) MISCELLANEOUS COMPARISONS*7*

VII . TRADE IN COAL AND COKE*7*

1 . INTRA-COMMUNITY TRADE*7*

2 . TRADE WITH THIRD COUNTRIES*8*

VIII . STOCKS OF HARD COAL AND COKE*8*

LIST OF TABLES

TABLE 27 A - IMPORTS FROM THIRD COUNTRIES*9*

TABLE 28 A - STOCKS OF HARD COAL AND COKE HELD BY PRODUCERS*9*

TABLE 31 A - HARD COAL BALANCE FOR 1983*10*

TABLE 31 B - HARD COAL BALANCE FOR 1984 ( REVISED ) *11*

TABLE 32 A - COKE BALANCE FOR 1983*12*

TABLE 32 B - COKE BALANCE FOR 1984 ( REVISED ) *13*

I . INTRODUCTION AND SUMMARY

STRIKE IN BRITISH COALFIELDS

A . INTRODUCTION

1 . THIS DOCUMENT FOLLOWS ON FROM THE REPORT ON THE COMMUNITY COAL MARKET IN 1983 AND THE OUTLOOK FOR 1984 , WHICH WAS COMPILED AT THE BEGINNING OF THIS YEAR ( 1 ) .

THESE INITIAL FORECASTS HAVE BEEN VERY MUCH BROUGHT INTO QUESTION AS A RESULT OF THE MINERS' STRIKE WHICH BEGAN IN GREAT BRITAIN ON 12 MARCH 1984 .

2 . IN ORDER , NEVERTHELESS , TO BRING OUT CURRENT MARKET TRENDS , THE WORKING SOLUTION HAS BEEN ADOPTED OF ANALYZING DEVELOPMENTS IN THE NINE OTHER COUNTRIES OF THE COMMUNITY BY REFERENCE TO THE PROVISIONAL FIGURES FOR 1983 AND THE INITIAL FORECASTS FOR 1984 WHICH CONCERN THEM . WITH THIS IN VIEW , THE ATTACHED TABLES INCLUDE A COLUMN HEADED " COMMUNITY WITHOUT UNITED KINGDOM " ( 2 ) .

A SEPARATE COLUMN SHOWS THE STATISTICS AVAILABLE FOR THAT COUNTRY AT THE TIME OF GOING TO PRESS . TO UNDERSTAND THE SITUATION , IT SHOULD BE BORNE IN MIND THAT ITS NORMAL LEVEL OF COAL PRODUCTION REPRESENTS ABOUT HALF THAT OF THE COMMUNITY AS A WHOLE ; ITS CONSUMPTION , MORE THAN A THIRD ; ITS CONTRIBUTION TO INTRA-COMMUNITY AND WORLD TRADE IS SIMILARLY SIGNIFICANT .

3 . ALL THESE FACTORS WILL BE AFFECTED IN 1984 , AND THIS WILL RESULT IN CORRESPONDING CHANGES IN THE COMMUNITY'S OVERALL SITUATION , EVEN IF VARIOUS MEASURES SUCCEED IN LESSENING THE CONSEQUENCES OF THE STRIKE ON COAL CONSUMPTION .

B . SUMMARY

4 . THE TABLE BELOW SHOWS THE TREND OF SUPPLY AND DEMAND IN THE COMMUNITY AT THE TIME OF WRITING THIS REPORT .

EUR-10

( '000 000 TONNES )

*1982*1983*1984*

**EUR-10*WITHOUT UK*WITHOUT UK*

AVAILABILITIES*****

PRODUCTION*241,2*229,3*112,8*106,9*

RECOVERIES*7,0*6,0*3,2*3,1*

IMPORTS*72,1*61,5*57,8*69,6*

TOTAL*320,3*296,8*173,8*179,6*

DELIVERIES*312,0*293,6*178,1*186,7*

EXPORTS*2,8*3,9*2,0*1,3*

TOTAL*314,8*297,5*180,1*188,0*

5 . THIS TABLE BRINGS OUT A SLIGHT INCREASE IN AVAILABILITIES , RESULTING FROM A DECREASE IN PRODUCTION AND AN UPSWING IN IMPORTS .

DEMAND HAS RECOVERED SOME OF THE GROUND LOST IN 1983 COMPARED TO 1982 , THUS SHARING IN THE INCREASE IN ENERGY DEMAND IN 1984 WHICH HAS ACCOMPANIED THE IMPROVEMENT IN THE GENERAL ECONOMIC SITUATION .

DEVELOPMENTS IN THE VARIOUS SECTORS HAVE BEEN AS FOLLOWS :

- STEEL : INCREASED CONSUMPTION ,

- POWER STATIONS : GREATER USE OF COAL IN FRENCH POWER STATIONS ,

- OTHER SECTORS : THE UPWARD TREND IS CONFIRMED ,

- INTERNATIONAL TRADE : UPSWING IN IMPORTS ,

- STOCKS : MARKED REDUCTION .

TABLES 31 A AND B AND 32 A AND B GIVE DETAILS BY COUNTRY AND SECTOR OF SUPPLY AND DEMAND FOR COAL AND COKE FOR 1983 AND 1984 .

6 . COAL PRICES FOR COMMUNITY COALFIELDS ARE ON A SLIGHT INCREASE ; THE SUBSTANTIAL FALL IN DOLLAR PRICES OF IMPORTED COAL SEEMS TO HAVE SLOWED DOWN ; DEVELOPMENTS IN THE NEAR FUTURE WILL DEPEND ON SEVERAL FACTORS .

( 1 ) OJ NO C 157 , 18 . 6 . 1984 , P . 1 .

( 2 ) THE CHAPTERS , SECTIONS AND REVISED TABLES KEEP THE SAME NUMBERING AS IN THE BASIC REPORT .

II . GENERAL ECONOMIC SITUATION AND OUTLOOK

MODERATE UPSWING - BUT UNEMPLOYMENT REMAINS HIGH

7 . THE RECOVERY IN ECONOMIC ACTIVITY IN THE COMMUNITY , WHICH BEGAN IN 1983 , CONTINUED THROUGHOUT 1984 ALTHOUGH THE OVERALL RATE OF EXPANSION OF REAL GROSS DOMESTIC PRODUCT REMAINED MODEST , AT JUST OVER 2 % , AS A RESULT OF THE EFFECTS OF ADJUSTMENT POLICIES IN CERTAIN COUNTRIES . IN ADDITION INDUSTRIAL PRODUCTION WAS ADVERSELY AFFECTED IN THE FIRST HALF OF THE YEAR BY LABOUR DISPUTES IN BOTH THE FEDERAL REPUBLIC OF GERMANY AND THE UNITED KINGDOM . MOST OF THE GROWTH IN GDP WAS ATTRIBUTABLE TO DOMESTIC DEMAND , AS THE CONTINUED EXPANSION OF PRIVATE CONSUMPTION WAS REINFORCED BY A RECOVERY IN FIXED INVESTMENT , PARTICULARLY IN EQUIPMENT . THE BYOYANCY OF WORLD TRADE ENABLED EXPORTS TO EXPAND AT A HIGH RATE SOMEWHAT FASTER THAN IMPORTS .

8 . THE RATE OF GROWTH IS NOT EXPECTED TO BE SUFFICIENT TO PREVENT A FURTHER RISE IN UNEMPLOYMENT , TO AVERAGE 11,1 % FOR 1984 AS A WHOLE . HOWEVER , THE EXPECTED DECELERATION IN THE GROWTH OF UNIT LABOUR COSTS SHOULD CONTRIBUTE TO FURTHER REDUCING THE RATE OF INFLATION , WITH THE DEFLATOR OF PRIVATE CONSUMPTION FALLING FROM 6,3 % IN 1983 TO 5,1 % IN 1984 . IN ADDITION , THE CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS FOR THE COMMUNITY AS A WHOLE IS LIKELY TO SHOW A SLIGHT DEFICIT .

III . COAL DEMAND BY SECTOR

1 . STEEL

INCREASE IN COKE CONSUMPTION

9 . COMMUNITY STEEL PRODUCTION REACHED 61 MILLION TONNES IN THE FIRST TWO QUARTERS OF 1984 . IT SHOULD REACH ABOUT 118 MILLION TONNES FOR THE YEAR AS A WHOLE . THIS FIGURE EXCEEDS THE FORECAST MADE AT THE BEGINNING OF THE YEAR BY MORE THAN THREE MILLION TONNES AND THE FINAL RESULTS FOR 1983 ( 109 MILLION TONNES ) BY NINE MILLION TONNES .

IN THESE CIRCUMSTANCES , COKE CONSUMPTION SHOULD BE IN THE REGION OF 45 MILLION TONNES IN 1984 , AS AGAINST 43 MILLION TONNES IN 1983 .

THE STRIKE IN THE GERMAN METAL-USING INDUSTRIES WAS NOT FOLLOWED BY A FALL IN PRODUCTION IN THE PIG-IRON AND STEEL INDUSTRIES .

FOR THE FIRST EIGHT MONTHS OF 1984 , STEEL PRODUCTION IN THE UNITED KINGDOM REACHED 10,04 MILLION TONNES , AS AGAINST 9,87 MILLION TONNES IN THE CORRESPONDING PERIOD OF 1983 .

2 . POWER STATIONS

MORE HARD COAL FOR FRENCH POWER STATIONS

10 . COMMUNITY ELECTRICITY CONSUMPTION SHOULD INCREASE BY 2,2 % IN 1984 , AS IN 1983 .

THE SHARES OF THE VARIOUS FUELS HAVE UNTIL NOW BEEN IN LINE WITH THE BEGINNING-OF-THE-YEAR ESTIMATES , EXCEPT IN FRANCE , WHERE DELIVERIES OF HARD COAL TO POWER STATIONS SHOULD REACH APPROXIMATELY 23 MILLION TONNES INSTEAD OF THE 15 MILLION TONNES PREVIOUSLY FORECAST ; THE SURPLUS SHOULD ALLOW FOR ONE MILLION TO 1,5 MILLION TONNES OF RESTOCKING .

FOR THE COMMUNITY WITHOUT THE UNITED KINGDOM , DELIVERIES TO COLLIERY AND PUBLICLY OWNED POWER STATIONS SHOULD REACH 98 MILLION TONNES IN 1984 , AS AGAINST 91,5 MILLION TONNES IN 1983 .

11 . IN THE UNITED KINGDOM THE MINERS' STRIKE HAS LED BOTH TO USE OF THE VERY SIZEABLE HARD COAL STOCKS HALD AT POWER STATIONS AND TO THE INCREASED USE OF NUCLEAR ENERGY , FUEL OIL AND NATURAL GAS .

DELIVERIES OF HARD COAL TO UNITED KINGDOM POWER STATIONS FOR THE FIRST SIX MONTHS OF 1984 REACHED ONLY 20 MILLION TONNES AS AGAINST 43 MILLION TONNES FOR THE SAME PERIOD IN THE PREVIOUS YEAR . STOCKS WERE REDUCED BY 13 MILLION TONNES .

4 . OTHER SECTORS

UPWARD TREND CONFIRMED

12 . HARD COAL DELIVERIES FOR THE COMMUNITY WITHOUT THE UNITED KINGDOM MAY BE COMPARED AS FOLLOWS :

* ( '000 000 TONNES ) *

*1983 ACTUAL*1984 INITIAL ESTIMATES*1984 REVISED*

OTHER INDUSTRIES ( 1)*16,3*18,6*18,7*

DOMESTIC*5,9*5,9*6,2*

PATENT FUEL*2,6*2,4*1,5*

TOTAL*24,8*26,9*26,4*

( 1 ) THESE DELIVERIES INCLUDE THOSE MADE TO OWN ELECTRICITY PRODUCERS .

IV . COMMUNITY COAL PRODUCTION

ADJUSTMENT IN THREE COUNTRIES

1 . PRODUCTION STATISTICS

13 . 1984 PRODUCTION LEVELS FOR BELGIUM , GERMANY AND FRANCE SHOULD TOTAL 107 MILLION TONNES AS AGAINST 113 FOR THE PREVIOUS YEAR . EVEN SO , THE FIGURE FOR GERMANY WILL EXCEED THE BEGINNING-OF-THE-YEAR ESTIMATE BY ABOUT ONE MILLION TONNES .

UNITED KINGDOM PRODUCTION FOR THE FIRST SIX MONTHS OF 1984 REACHED 30 MILLION TONNES AS AGAINST 61 MILLION TONNES FOR THE SAME PERIOD IN 1983 .

V . COAL PRICES

1 . CHANGES IN LISTED PRICES FOR COMMUNITY COAL

COSTS PULL UP PRICES

14 . THE PRICE INCREASES MADE BY COMMUNITY PRODUCERS IN THE COURSE OF THE FIRST QUARTER OF 1984 BECAUSE OF INCREASED PRODUCTION COSTS MAY BE SUMMARIZED AS FOLLOWS :

BELGIUM : 2 TO 7 % FOR HARD COAL , EXCEPT COKING COAL ;

FRANCE : 2 TO 20 % FOR COAL AND 4 TO 12 % FOR COKE ;

GERMANY : 2 TO 17 % ( EXCEPTIONALLY ) FOR COAL AND 2 TO 4 % FOR COKE ;

GREAT BRITAIN : FOUNDRY COKE ONLY WAS INCREASED BY 10 % .

2 . CHANGES IN THE PRICE OF IMPORTED COAL

COMPETITION AFFECTS PRICES

15 . ( A ) CURRENT AND FORECAST FACTORS

THE FALL IN AVERAGE PRICES CIF ARA CALCULATED FOR THE COMMUNITY CONTINUED THROUGHOUT THE FIRST QUARTER OF 1984 . HOWEVER , SINCE THE BEGINNING OF THE YEAR THE LOWEST PRICES HAVE SHOWN AN UPWARD TREND OF USDOLLARS 3 TO USDOLLARS 5 PER TONNE IN PARTICULAR ON THE SPOT MARKET .

DEVELOPMENTS IN WORLD PRICES IN THE NEAR FUTURE ARE DIFFICULT TO FORECAST , IN VIEW OF THE VARIOUS DIFFERENT SCENARIOS TO WHICH THE FOLLOWING FACTORS COULD GIVE RISE :

- FUTURE DEMAND , TAKING ACCOUNT OF THE PRECAUTIONARY PURCHASES MADE IN THE FIRST HALF OF 1984 IN ANTICIPATION OF THE EXPECTED UNITED STATES MINERS' STRIKE ,

- FUTURE SUPPLY , AS CONDITIONED BY THE DURATION AND EFFECTS OF MINERS' STRIKES IN THE UNITED KINGDOM AND POSSIBLY IN THE UNITED STATES ,

- DIVERSIFICATION OF SUPPLY BY THE BRINGING INTO PRODUCTION OR THE DEVELOPMENT OF NEW HARD-COAL MINES TO COMPENSATE FOR LIMITATIONS ON SUPPLY FROM OTHER PRODUCTION SITES ,

- THE WISH OF THE MAJORITY OF SELLERS TO LESSEN IN THEIR FAVOUR THE EXISTING IMBALANCE BETWEEN LOW FOB REVENUE AND HIGHER FOB COSTS ,

- CHANGES IN EXCHANGE RATES .

( B ) RECENT CHANGES

16 . COKING COAL

GUIDE PRICE , CIF ARA , STANDARD QUALITY

* ( PER TONNE ) *

REFERENCE DATE*USDOLLARS*DM*FB*FF*POUND*

1 APRIL 1983*68,95*167*3 325*502*47*

1 JULY 1983*67,05*170*3 406*511*44*

1 OCTOBER 1983*65,95*173*3 511*526*44*

1 JANUARY 1984*66,20*181*3 691*553*47*

1 APRIL 1984*65,00*168*3 440*518*45*

1 JULY 1984*64,45*180*3 670*553*48*

17 . STEAM COAL

AVERAGE PRICE , CIF ARA , OF STEAM COAL IMPORTED FROM NON-MEMBER COUNTRIES

* ( PER TONNE AS RECEIVED ) *

REFERENCE DATE*USDOLLARS*DM*FB*FF*POUND*

SECOND QUARTER 1983*51,30*125*2 470*373*35*

THIRD QUARTER 1983*49,00*124*2 490*373*32*

FOURTH QUARTER 1983*49,80*130*2 651*397*33*

FIRST QUARTER 1984*45,80*125*2 554*382*33*

SECOND QUARTER 1984*45,40*121*2 475*373*32*

3 . MISCELLANEAOUS COMPARISONS

18 . ( A ) A COMPARISON OF PRICES FOR IMPORTED COKING COAL AND STEAM COAL SHOWS A WIDENING OF THE GAP IN FAVOUR OF STEAM COAL BY USDOLLARS 7,15 ( - 11 % ) IN THE SECOND QUARTER OF 1983 TO USDOLLARS 10,40 ( - 17 % ) IN THE FIRST QUARTER OF 1984 ( PRICE PER TONNES AT 29,3 GJ ) .

( B ) COMPARED WITH CIF ARA PRICES FOR IMPORTED COKING COAL AND STEAM COAL IMPORTED IN THE FIRST QUARTER OF 1984 , LIST PRICES FOR COMMUNITY COAL SHOW THE FOLLOWING DIFFERENTIALS :

* ( PER TONNE AT 29,3 GJ ) *

*COKING COAL*STEAM COAL*

RUHR* + USDOLLARS 26,50* + USDOLLARS 34*

LORRAINE* + USDOLLARS 13* + USDOLLARS 39*

NORTH YORKSHIRE* + USDOLLARS 27* + USDOLLARS 26*

( C ) FOR BOTH VARIETIES OF COAL , IT IS STRIKING THAT THE FALL IN DOLLAR PRICES HAS BEEN ACCOMPANIED BY SUSTAINED PRICE LEVELS IN EUROPEAN NATIONAL CURRENCIES . THIS IS THE RESULT OF THE CONTINUING APPRECIATITON OF THE DOLLAR DURING THE PERIOD UNDER REVIEW .

VII . TRADE IN COAL AND COKE

1 . INTRA-COMMUNITY TRADE

UNCERTAINTY OVER THE BRITISH CONTRIBUTION

19 . INITIALLY , THIS TRADE HAD BEEN ESTIMATED AT 16 MILLION TONNES OF HARD COAL AND 4,3 MILLION TONNES OF COKE FOR 1984 , MUCH THE SAME AS FOR 1983 . THESE FIGURES INCLUDE DELIVERIES OF BRITISH HARD COAL ESTIMATED AT FIVE MILLION TONNES .

FOR THE FIRST SIX MONTHS OF 1984 , A FIRST ESTIMATE OF THE TOTAL OF THESE DELIVERIES WOULD BE SEVEN MILLION TONNES ; AMOUNTS OF COKE TAKEN BY THE UNITED KINGDOM , WHICH ARE USUALLY NEGLIGIBLE , INCREASED SUBSTANTIALLY .

2 . TRADE WITH THIRD COUNTRIES

( REVISED TABLE 27 A )

UPSWING IN IMPORTS

20 . FOR THE COMMUNITY WITHOUT THE UNITED KINGDOM , LATEST FIGURES SHOW IMPORTS FROM THIRD COUNTRIES OF ABOUT 70 MILLION TONNES , COMPARED WITH AN INITIAL ESTIMATE OF 59 MILLION TONNES AND A FINAL FIGURE FOR 1983 OF 57 MILLION TONNES . THE DIFFERENCE IS MAINLY DUE TO AN INCREASE BY EIGHT MILLION TONNES OF IMPORTS ESTIMATED FOR FRANCE , IN PARTICULAR FOR ELECTRICITY GENERATION .

PART OF THE DEMAND IS INTENDED TO LESSEN THE EFFECTS OF A POSSIBLE STRIKE IN THE UNITED STATES COALFIELDS .

IMPORTS TO UNITED KINGDOM REACHED 2,7 MILLION TONNES IN THE FIRST SIX MONTHS OF 1984 , AS AGAINST 1,8 MILLION TONNES FOR THE SAME PERIOD IN 1983 .

VIII . HARD COAL AND COKE STOCKS

( REVISED TABLE 28 A )

MARKED REDUCTION

21 . FOR THE WHOLE OF THE COMMUNITY WITHOUT THE UNITED KINGDOM , PRODUCERS' STOCKS OF HARD COAL FELL AT THE RATE ESTIMATED AT THE BEGINNING OF THE YEAR , BUT STOCKS OF COKE WERE REDUCED TO A GREATER EXTENT .

* ( '000 000 TONNES ) *

*END 1983*END 1984*

HARD COAL*19,1*17,0*

COKE*11,2*7,6*

( WITHOUT GERMAN NATIONAL RESERVES ) ***

CHANGES IN THE LEVEL OF POWER STATION HARD COAL STOCKS WILL MAINLY DEPEND ON MOVEMENTS BETWEEN NOW AND THE END OF THE YEAR IN THE UNITED KINGDOM WHERE POWER STATION STOCKS STOOD AT 28 MILLION TONNES AT THE END OF 1983 AND WERE REDUCED TO 15 MILLION TONNES AT 1 JULY 1984 .

TABLE 27 A

( REVISED JULY 1984 )

IMPORTS OF HARD COAL FROM THIRD COUNTRIES IN 1984

* ( '000 TONNES ) *

*BELGIUM*DENMARK*FEDERAL REPUBLIC OF GERMANY*FRANCE*GREECE*IRELAND*ITALY*LUXEMBOURG*NETHERLANDS* COMMUNITY WITHOUT UNITED KINGDOM*UNITED KINGDOM*EUR-10*

USA*2 665*500*1 850*3 600*1 100*270*6 980*5*4 500* 21 470*NOT AVAILABLE**

CANADA* - *300*1 000*700* - * - *120* - *160*2 280*NOT AVAILABLE**

AUSTRALIA*245*500*450*5 700* - * - *2 280* - *1 950* 11 125*NOT AVAILABLE**

SOUTH AFRICA*2 050*3 000*2 600*4 800*100*20*4 800*140*200* 17 710*NOT AVAILABLE**

POLAND*565*3 450*2 200*2 300* - *796*2 420* - *1 200*12 931*NOT AVAILABLE**

USSR*190*250*100*300*50* - *300* - * - *1 190*NOT AVAILABLE**

OTHERS AND UNIDENTIFIED*135* - *300*2 050* - *97*100* - *240*2 922*NOT AVAILABLE**

TOTAL 1984*5 850*8 000*8 500*19 450*1 250*1 183*17 000* 145*8 250*69 628***

EARLIER FORECAST 1984*5 450*7 550*7 700*11 400*1 145*1 095* 16 570*130*7 930*58 970*4 200*63 170*

ACTUAL 1983*5 063*6 832*7 939*12 907*1 109*903*15 784*119* 6 422*57 078*3 701*60 779*

TABLE 28 A

( REVISED JULY 1984 )

PRODUCERS' STOCKS OF HARD COAL AND COKE

* ( '000 TONNES ) *

*END*

*1983 ACTUAL*1984 FORECASTS JANUARY 1984*1984 REVISED FORECASTS*

1 . COAL****

BELGIUM*851*801*696*

FEDERAL REPUBLIC OF GERMANY ( 1)*13 408*11 684*12 108*

FRANCE*4 807*4 715*4 127*

IRELAND*30*120*30*

TOTAL*19 096*17 320*16 961*

UNITED KINGDOM*24 493*25 584*NOT AVAILABLE*

EUR-10*43 589*42 904*NOT AVAILABLE*

2 . COKE****

BELGIUM*114*100*114*

FEDERAL REPUBLIC OF GERMANY ( 1)*9 462*7 809*6 112*

FRANCE*816*800*466*

GREECE*40*30*75*

ITALY*785*800*785*

NETHERLANDS*17*17*17*

TOTAL*11 234*9 556*7 569*

UNITED KINGDOM*1 343*1 473*NOT AVAILABLE*

EUR-10*12 577*11 029*NOT AVAILABLE*

( 1 ) EXCLUDING THE NATIONAL RESERVE OF 7 231 HARD COAL AND 2 977 COKE .

TABLES : SEE O.J .