Tuesday, 28 Feb 2012
Coal export prices at South Africa’s Richards Bay, the continent’s biggest terminal for shipping the fuel, rose for a second week.
According to IHS McCloskey data on Bloomberg, prices added USD 1.27 or 1.2% to USD 106.11 a metric tonne in the week ended February 24. That’s the highest level since January 27.
The price is quoted on a free-on-board basis, which excludes delivery costs.
(Sourced from Bloomberg)
Showing posts with label IHS McCloskey. Show all posts
Showing posts with label IHS McCloskey. Show all posts
Tuesday, February 28, 2012
Sunday, February 19, 2012
Global coking coal market comes face to face with oversupply - Mr McCloskey
Sunday, 19 Feb 2012
The global coking coal market is currently oversupplied and prices are poised for further declines. Despite this, a variety of new projects and expansions will continue to swell global supply for the foreseeable future, although the largest new tonnages will not make their appearance until the next decade. Australia and China remain the keys to supply and demand respectively.
Mr Gerard McCloskey of McCloskey Group said that “There is an oversupply. If Australia comes back to the sort of levels it was doing in the first half of 2010, another 30 million tonnes will come onto a very balanced market.”
He said that prices will fall, but will remain at pretty decent levels that are likely to be well above producer costs.
Mr McCloskey said that “Whatever happens to prices in next quarter, you’ll have seen the longest period with coking coal above USD 200 eight quarters.”
He added “During that time, price volatility has been extraordinary, with prices hitting as much as USD 330 in the second quarter of 2011, before falling back to USD 235 in the current quarter.”
Mr McCloskey predicted that “There will be a correction of prices down towards USD 200. It’s a great price. Until two years ago we had not had prices above USD 200 except for one brief period in 2008.”
Mr McCloskey said that additional supply meanwhile is coming from Australia, which is just getting back to normality following last year’s extensive flooding in Queensland, the country’s major coal producing region. Australian producers are in the process of adding another 30 million tonnes to a hard coking coal market that is probably only about 140 million tones.
(sourced Futuresmag.com)
The global coking coal market is currently oversupplied and prices are poised for further declines. Despite this, a variety of new projects and expansions will continue to swell global supply for the foreseeable future, although the largest new tonnages will not make their appearance until the next decade. Australia and China remain the keys to supply and demand respectively.
Mr Gerard McCloskey of McCloskey Group said that “There is an oversupply. If Australia comes back to the sort of levels it was doing in the first half of 2010, another 30 million tonnes will come onto a very balanced market.”
He said that prices will fall, but will remain at pretty decent levels that are likely to be well above producer costs.
Mr McCloskey said that “Whatever happens to prices in next quarter, you’ll have seen the longest period with coking coal above USD 200 eight quarters.”
He added “During that time, price volatility has been extraordinary, with prices hitting as much as USD 330 in the second quarter of 2011, before falling back to USD 235 in the current quarter.”
Mr McCloskey predicted that “There will be a correction of prices down towards USD 200. It’s a great price. Until two years ago we had not had prices above USD 200 except for one brief period in 2008.”
Mr McCloskey said that additional supply meanwhile is coming from Australia, which is just getting back to normality following last year’s extensive flooding in Queensland, the country’s major coal producing region. Australian producers are in the process of adding another 30 million tonnes to a hard coking coal market that is probably only about 140 million tones.
(sourced Futuresmag.com)
Tuesday, February 7, 2012
Coking coal prices could correct to USD 200 in 2012 - Mr McCloskey
Tuesday, 07 Feb 2012
Dow Jones reported that coking coal prices could correct downward to $200 a metric a ton in 2012, but the caveat is the Australian weather that could determine the supply dynamics in the year ahead.
Mr Gerard McCloskey a consultant and former owner of UK based McCloskey Group told an audience at the Mining Indaba “There will be a correction of prices down to USD 200 per tonne.”
Mr McCloskey added “But it's a great price.”
He noted that the price for coking coal has remained above USD 200 a tonne for six consecutive quarters already.
He noted that the key caveat would be the amount of rain that falls in the Queensland basin in Australia this year. Heavy rainfall could shut down exports from the world's largest seaborne coking coal region as it has done so in the past, most notably last year.
McCloskey said that if Australia were to produce at levels last seen in the first half of 2010 when it was uninterrupted by rain, that's an extra 30 million tonnes coming into a 140 million tonne market.
He told "That's a lot to take, which could result in weaker prices.”
He added that there are already signs of oversupply in the market, with shipments of US coking coal anchored off the coast of China, waiting to be sold.
McCloskey said prices would weaken, but told the audience not to panic because they will still be well above costs.
(Sourced from DJ News)
Dow Jones reported that coking coal prices could correct downward to $200 a metric a ton in 2012, but the caveat is the Australian weather that could determine the supply dynamics in the year ahead.
Mr Gerard McCloskey a consultant and former owner of UK based McCloskey Group told an audience at the Mining Indaba “There will be a correction of prices down to USD 200 per tonne.”
Mr McCloskey added “But it's a great price.”
He noted that the price for coking coal has remained above USD 200 a tonne for six consecutive quarters already.
He noted that the key caveat would be the amount of rain that falls in the Queensland basin in Australia this year. Heavy rainfall could shut down exports from the world's largest seaborne coking coal region as it has done so in the past, most notably last year.
McCloskey said that if Australia were to produce at levels last seen in the first half of 2010 when it was uninterrupted by rain, that's an extra 30 million tonnes coming into a 140 million tonne market.
He told "That's a lot to take, which could result in weaker prices.”
He added that there are already signs of oversupply in the market, with shipments of US coking coal anchored off the coast of China, waiting to be sold.
McCloskey said prices would weaken, but told the audience not to panic because they will still be well above costs.
(Sourced from DJ News)
Monday, January 30, 2012
South African Coal Export Prices Rise to Highest Since November
Mon, Jan 30, 2012
Coal export prices at South Africa’s Richards Bay, the continent’s biggest terminal for shipping the fuel, advanced to the highest level in nearly three months.
Prices (CLSPSARB) rose $3.26, or 3.1 percent, to an average $107.17 a metric ton in the week ended Jan. 27, according to data on Bloomberg from IHS McCloskey. That’s the steepest increase since Dec. 23 and the highest level since Nov. 4.
The price is quoted on a free-on-board basis, which excludes delivery costs.
(sourced Bloomberg)
Coal export prices at South Africa’s Richards Bay, the continent’s biggest terminal for shipping the fuel, advanced to the highest level in nearly three months.
Prices (CLSPSARB) rose $3.26, or 3.1 percent, to an average $107.17 a metric ton in the week ended Jan. 27, according to data on Bloomberg from IHS McCloskey. That’s the steepest increase since Dec. 23 and the highest level since Nov. 4.
The price is quoted on a free-on-board basis, which excludes delivery costs.
(sourced Bloomberg)
Tuesday, January 17, 2012
South African coal export prices decline most in four Weeks
Tuesday, 17 Jan 2012
Bloomberg reported that coal export prices at South Africa Richards Bay the continent biggest terminal for shipping the fuel declined the most in four weeks.
According to data on Bloomberg from IHS McCloskey prices fell 76 cents or 0.7% to an average USD 105.89 per tonne in the week ended January 13. That’s the steepest decrease since December 16. The price is quoted on a free-on-board basis, which excludes delivery costs.
(Sourced from Bloomberg)
Bloomberg reported that coal export prices at South Africa Richards Bay the continent biggest terminal for shipping the fuel declined the most in four weeks.
According to data on Bloomberg from IHS McCloskey prices fell 76 cents or 0.7% to an average USD 105.89 per tonne in the week ended January 13. That’s the steepest decrease since December 16. The price is quoted on a free-on-board basis, which excludes delivery costs.
(Sourced from Bloomberg)
Thursday, January 5, 2012
South African Coal Exports to India Slump 24% in 11 Months, Mjunction Says
Thursday, 05 January 2012
India’s imports of coal (CCAIIQTL) from South Africa fell in the first 11 months of 2011, while China almost doubled purchases, according to Mjunction Services Ltd.India bought 14.39 million metric tons of the fuel from South Africa, down 24 percent from 18.96 million in the same period a year earlier, India Coal Market Watch, a unit of Mjunction, said in an e-mail dated yesterday. Purchases in November fell 21 percent from the previous year to 1.29 million tons.
South Africa’s shipments to China, the world’s biggest coal consumer, rose 88 percent to 12.26 million tons in the first 11 months of 2011, India Coal said in the note. November sales increased more than threefold to 2.84 million. India’s imports accounted for 25 percent of the 57.4 million tons from South Africa through November last year, according to Bloomberg calculations based on data from Mjunction and the Richards Bay Coal Terminal website. China accounted for 21 percent of the shipments.
Prices (CLSPSARB) at Richards Bay fell to $105.74 a ton as of Dec. 30 from $105.95 a ton a week earlier, according to data from Petersfield, U.K.-based researcher IHS McCloskey.
Kolkata, India-based Mjunction is a joint venture between Tata Steel Ltd. and Steel Authority of India Ltd.
Source: Bloomberg
India’s imports of coal (CCAIIQTL) from South Africa fell in the first 11 months of 2011, while China almost doubled purchases, according to Mjunction Services Ltd.India bought 14.39 million metric tons of the fuel from South Africa, down 24 percent from 18.96 million in the same period a year earlier, India Coal Market Watch, a unit of Mjunction, said in an e-mail dated yesterday. Purchases in November fell 21 percent from the previous year to 1.29 million tons.
South Africa’s shipments to China, the world’s biggest coal consumer, rose 88 percent to 12.26 million tons in the first 11 months of 2011, India Coal said in the note. November sales increased more than threefold to 2.84 million. India’s imports accounted for 25 percent of the 57.4 million tons from South Africa through November last year, according to Bloomberg calculations based on data from Mjunction and the Richards Bay Coal Terminal website. China accounted for 21 percent of the shipments.
Prices (CLSPSARB) at Richards Bay fell to $105.74 a ton as of Dec. 30 from $105.95 a ton a week earlier, according to data from Petersfield, U.K.-based researcher IHS McCloskey.
Kolkata, India-based Mjunction is a joint venture between Tata Steel Ltd. and Steel Authority of India Ltd.
Source: Bloomberg
Monday, December 12, 2011
South African Coal Export Prices Rise for Second Straight Week
Monday, Dec 12, 2011
Coal export prices at South Africa’s Richards Bay, the continent’s biggest terminal for shipping the fuel, rose for the second week.
Prices increased 66 cents, or 0.6 percent, last week to an average $103.18 a metric ton, following a 0.2 percent gain in the week ended Dec. 2, according to data on Bloomberg from researcher IHS McCloskey. The price is quoted on a free-on-board basis, excluding delivery costs.
(sourced Bloomberg)
Coal export prices at South Africa’s Richards Bay, the continent’s biggest terminal for shipping the fuel, rose for the second week.
Prices increased 66 cents, or 0.6 percent, last week to an average $103.18 a metric ton, following a 0.2 percent gain in the week ended Dec. 2, according to data on Bloomberg from researcher IHS McCloskey. The price is quoted on a free-on-board basis, excluding delivery costs.
(sourced Bloomberg)
Wednesday, December 7, 2011
Richard Bay coal export prices rise for first week in seven
Wednesday, 07 Dec 2011
Bloomberg reported that coal export prices at South Africa’s Richards Bay, the continent’s biggest terminal for shipping the fuel, rose for the first week in seven.
Bloomberg from researcher IHS McCloskey, prices increased 22 cents, or 0.2% last week to an average USD 102.52 a metric tonne, following a 3.4% decline in the week ended November 25.
The price quoted is on a free on board basis, excluding delivery costs.
(Sourced from Bloomberg.net)
Bloomberg reported that coal export prices at South Africa’s Richards Bay, the continent’s biggest terminal for shipping the fuel, rose for the first week in seven.
Bloomberg from researcher IHS McCloskey, prices increased 22 cents, or 0.2% last week to an average USD 102.52 a metric tonne, following a 3.4% decline in the week ended November 25.
The price quoted is on a free on board basis, excluding delivery costs.
(Sourced from Bloomberg.net)
Wednesday, November 16, 2011
South African coal export prices fall to lowest in nearly a year
Wednesday, 16 Nov 2011
According to data on Bloomberg from researcher IHS McCloskey, coal export prices at Richards Bay, South Africa, the continent’s biggest terminal for shipping the fuel, fell to the lowest level in almost a year.
Prices decreased USD 1.83, or 1.7% last week to an average USD 106.30 a metric tonne, the least since November 26th 2010, following a 1.2% decline in the week ended November 4. The price quoted is on a free on board basis, excluding delivery costs.
(Sourced from Bloomberg)
According to data on Bloomberg from researcher IHS McCloskey, coal export prices at Richards Bay, South Africa, the continent’s biggest terminal for shipping the fuel, fell to the lowest level in almost a year.
Prices decreased USD 1.83, or 1.7% last week to an average USD 106.30 a metric tonne, the least since November 26th 2010, following a 1.2% decline in the week ended November 4. The price quoted is on a free on board basis, excluding delivery costs.
(Sourced from Bloomberg)
Friday, October 7, 2011
European benchmark coal for next year gains most in three weeks
Friday, 07 Oct 2011
Bloomberg reported that benchmark European coal advanced, heading for a highest daily gain in three weeks.
Thermal coal for delivery to Amsterdam, Rotterdam or Antwerp with settlement next year increased 0.8% to USD 120 per tonne as of 10:35 AM in London. That would be the biggest one-day rise since September 15.
Bloomberg tracks data from information supplied by ICAP Plc, GFI Group Inc, Spectron Group Ltd, Credit Suisse Group AG, IHS McCloskey, Tradition Financial Services and Tullett Prebon Plc.
(Sourced from Bloomberg)
Bloomberg reported that benchmark European coal advanced, heading for a highest daily gain in three weeks.
Thermal coal for delivery to Amsterdam, Rotterdam or Antwerp with settlement next year increased 0.8% to USD 120 per tonne as of 10:35 AM in London. That would be the biggest one-day rise since September 15.
Bloomberg tracks data from information supplied by ICAP Plc, GFI Group Inc, Spectron Group Ltd, Credit Suisse Group AG, IHS McCloskey, Tradition Financial Services and Tullett Prebon Plc.
(Sourced from Bloomberg)
Wednesday, September 28, 2011
South African coal export prices down by 1pct last week
Wednesday, 28 Sep 2011
Bloomberg quoted according to data on Bloomberg from researcher IHS McCloskey coal export prices at Richards Bay, South Africa, the continent biggest terminal for shipping the fuel fell USD 1.39 or 1.2% last week to an average USD 114.20 a metric ton.
The spot price declined 1.7% to an average USD 115.59 a ton in the previous week.
(sourced from Bloomberg)
Bloomberg quoted according to data on Bloomberg from researcher IHS McCloskey coal export prices at Richards Bay, South Africa, the continent biggest terminal for shipping the fuel fell USD 1.39 or 1.2% last week to an average USD 114.20 a metric ton.
The spot price declined 1.7% to an average USD 115.59 a ton in the previous week.
(sourced from Bloomberg)
Monday, August 15, 2011
South African Coal Export Prices Slip After Three Weekly Gains
Mon, Aug 15, 2011 | By Bloomberg
By Ying Diao
Coal export prices at Richards Bay in South Africa, site of the continent’s biggest terminal for shipping the fuel, fell last week after three weekly gains in a row, according to data on Bloomberg from researcher IHS McCloskey. Prices slipped 79 cents, or 0.7 percent, to $117.53 a metric ton.
By Ying Diao
Coal export prices at Richards Bay in South Africa, site of the continent’s biggest terminal for shipping the fuel, fell last week after three weekly gains in a row, according to data on Bloomberg from researcher IHS McCloskey. Prices slipped 79 cents, or 0.7 percent, to $117.53 a metric ton.
Tuesday, March 15, 2011
South Africa steam coal export price rise to USD 119 a tonne
Tuesday, 15 Mar 2011
Prices for coal shipped from South Africa’s Richards Bay the continent’s biggest export facility for the fuel, rose 0.3% to USD 119.89 a tonne last week.
According to IHS McCloskey, the data are an average based on daily price assessments and a market survey. Australian coking coal rose 0.7% to USD 327.85 a tonne. (sourced:bloomberg)
Monday, February 14, 2011
Australian Coking Coal Drops a Second Week; European Prices Fall
By Nicholas Larkin - Feb 14, 2011
Australian coking coal fell for a second week. Benchmark European coal derivatives declined for the first time in three days.
Hard prime coking coal from Australia sold for $318.25 a metric ton on average in the week to Feb. 11, down 2.1 percent from $325 the week before, according to Petersfield, England- based researcher IHS McCloskey.
Thermal coal from South Africa’s Richards Bay, site of the continent’s biggest export facility for the fuel, declined 5 percent to an average $114.89 a ton for the week, McCloskey said. That’s the lowest price since the week ended Dec. 17.
Coal for delivery to Amsterdam, Rotterdam or Antwerp with settlement next year fell 0.4 percent to $117 a ton at 11:20 a.m. in London. The data are drawn from information supplied by ICAP Plc, GFI Group Inc., Spectron Group Ltd., Tullett Prebon Plc, Credit Suisse Group AG, McCloskey, Bloomberg and Tradition Financial Services.
(By Nicholas Larkin,London sourced;bloomberg)
Tags:Australian coking coal prices, benchamark, European coal derivatives, declined, hard prime coking coal, IHS McCloskey, South African thermal coal prices, Richards Bay Coal Terminal, coal for delivery to Amsterdam,Rotterdam,Antwerp, ICAP Plc,GFI Group Inc, Spectron Group Limited, Tullett Prebon Plc, Credit Suisse Group AG,
Australian coking coal fell for a second week. Benchmark European coal derivatives declined for the first time in three days.
Hard prime coking coal from Australia sold for $318.25 a metric ton on average in the week to Feb. 11, down 2.1 percent from $325 the week before, according to Petersfield, England- based researcher IHS McCloskey.
Thermal coal from South Africa’s Richards Bay, site of the continent’s biggest export facility for the fuel, declined 5 percent to an average $114.89 a ton for the week, McCloskey said. That’s the lowest price since the week ended Dec. 17.
Coal for delivery to Amsterdam, Rotterdam or Antwerp with settlement next year fell 0.4 percent to $117 a ton at 11:20 a.m. in London. The data are drawn from information supplied by ICAP Plc, GFI Group Inc., Spectron Group Ltd., Tullett Prebon Plc, Credit Suisse Group AG, McCloskey, Bloomberg and Tradition Financial Services.
(By Nicholas Larkin,London sourced;bloomberg)
Tags:Australian coking coal prices, benchamark, European coal derivatives, declined, hard prime coking coal, IHS McCloskey, South African thermal coal prices, Richards Bay Coal Terminal, coal for delivery to Amsterdam,Rotterdam,Antwerp, ICAP Plc,GFI Group Inc, Spectron Group Limited, Tullett Prebon Plc, Credit Suisse Group AG,
Thursday, January 27, 2011
Coking coal spot prices jump by 14pct last week - Report
Thursday, 27 Jan 2011
Bloomberg reported that Australian coking coal jumped 14% last week as buyers continued to assess the effect on supplies of flooding in the state of Queensland. Queensland, producer of about half of global seaborne supply of coking coal for steelmaking, suffered its worst floods in 50 years this month.
Shipments from the port of Hay Point, the biggest export harbor for the material, dropped 22% last month from November as floodwaters shut mines and damaged rail lines.
Mr Daniel Brebner, an analyst at Deutsche Bank AG in London, said that "The market's still trying to understand what the impact will be in terms of volumes removed. We have seen the worst of the flooding, and that’s behind us and really it comes down to, now, how quickly production can get back on stream."
According to Petersfield, England based market researcher IHS McCloskey, Australian hard prime coking coal sold for USD 320 a tonne on average last week, up from USD 280 the week before. That's the highest level for the data going back to the week ended November 5th 2010.
Mr Brebner said that "Prices may rise over the course of the next month, and USD 350 to USD 400 a tonne is within the realm of possibility."
BHP Billiton Limited, an equal partner in the world's biggest exporter of coking coal, on January 20th 2011 predicted that disruption at its Australian operations until the end of June 2011. Thermal coal from Richards Bay, South Africa, site of the continent's biggest export facility for the fuel, fell 6.1% to an average USD 120.83 a tonne. Thermal coal is burned to generate power. Shipments from the port climbed 3.8% in 2010 to 63.43 million tonnes, the first annual increase in five years.
Benchmark European coal derivatives headed for a third consecutive lower close. Coal for delivery to Amsterdam, Rotterdam or Antwerp with settlement next year fell 35 cents or 0.3% to USD 115 a tonne in London. The data are drawn from information supplied by ICAP Plc, GFI Group Inc, Spectron Group Limited, Tullett Prebon Plc, Credit Suisse Group AG, McCloskey, Bloomberg and Tradition Financial Services.(Sourced from http://www.bloomberg.net/)
Bloomberg reported that Australian coking coal jumped 14% last week as buyers continued to assess the effect on supplies of flooding in the state of Queensland. Queensland, producer of about half of global seaborne supply of coking coal for steelmaking, suffered its worst floods in 50 years this month.
Shipments from the port of Hay Point, the biggest export harbor for the material, dropped 22% last month from November as floodwaters shut mines and damaged rail lines.
Mr Daniel Brebner, an analyst at Deutsche Bank AG in London, said that "The market's still trying to understand what the impact will be in terms of volumes removed. We have seen the worst of the flooding, and that’s behind us and really it comes down to, now, how quickly production can get back on stream."
According to Petersfield, England based market researcher IHS McCloskey, Australian hard prime coking coal sold for USD 320 a tonne on average last week, up from USD 280 the week before. That's the highest level for the data going back to the week ended November 5th 2010.
Mr Brebner said that "Prices may rise over the course of the next month, and USD 350 to USD 400 a tonne is within the realm of possibility."
BHP Billiton Limited, an equal partner in the world's biggest exporter of coking coal, on January 20th 2011 predicted that disruption at its Australian operations until the end of June 2011. Thermal coal from Richards Bay, South Africa, site of the continent's biggest export facility for the fuel, fell 6.1% to an average USD 120.83 a tonne. Thermal coal is burned to generate power. Shipments from the port climbed 3.8% in 2010 to 63.43 million tonnes, the first annual increase in five years.
Benchmark European coal derivatives headed for a third consecutive lower close. Coal for delivery to Amsterdam, Rotterdam or Antwerp with settlement next year fell 35 cents or 0.3% to USD 115 a tonne in London. The data are drawn from information supplied by ICAP Plc, GFI Group Inc, Spectron Group Limited, Tullett Prebon Plc, Credit Suisse Group AG, McCloskey, Bloomberg and Tradition Financial Services.(Sourced from http://www.bloomberg.net/)
Wednesday, January 26, 2011
Coking coal may reach USD 400 for April quarter - Merrill Lynch
Wednesday, 26 Jan 2011
According to Bank of America Merrill Lynch, steelmakers in Asia may be forced to pay as much as 78% more for hard coking coal after floods in Australia disrupted output in the biggest exporter of the fuel.
Merrill Lynch analysts led by Sydney based Mr Alex Tonks in a report said that Australian free on board prices may increase to AUD 400 a tonne for three month contracts starting April 1, from AUD 225 a tonne this quarter.
This compares with the bank’s January 11 forecast of AUD 330 a tonne for the second quarter.
According to IHS McCloskey, Australian hard prime coking coal used by steelmakers sold for AUD 320 a tonne on average last week, up from AUD 280 the week before. That’s the highest level for the data going back to the week ended November 5.(Sourced from Bloomberg)
Wednesday, January 19, 2011
Queensland Cuts Coal Output Forecast 10.5% on Floods
By Ben Sharples - Jan 19, 2011
Queensland cut its annual steelmaking coal output forecast by 10.5 percent and expects resumption of normal mining to take as long three months after record rain in Australia, the biggest exporter of the fuel.
Coking coal output in the 12 months ended June 30 is forecast to be 177.3 million metric tons, down from an initial projection of 198 million tons, Mines and Energy minister Stephen Robertson said in a telephone interview. This compares with 182.1 million in the 12 months ended June 30, 2010.
“Queensland is the world’s largest exporter of seaborne coal, so when our supply chains get interrupted that’s felt by a large part of the world,” Robertson said. “We’ve experienced the largest natural disaster in our history, with flooding that has enveloped almost three-quarters” of the state, he said.
The worst flooding in 50 years may have cost A$2.3 billion ($2.31 billion) in lost coal sales, the Queensland Resources Council estimates, with only 15 percent of the state’s mines operating at full production. It may take between two-to-three months for normal operations to resume, Robertson said.
BHP Billiton Ltd. and Xstrata Plc are among producers who’ve said they may miss deliveries. Force majeure remains in place at four mines operated by Rio Tinto Group, the company said yesterday in its fourth quarter operations report.
Australian hard prime coking coal used by steelmakers sold for $280 a metric ton on average last week, up from $265 the week before, according to IHS McCloskey. Prices may reach $300 a ton this year, McCloskey said Jan. 17. Source : Bloomberg
Queensland cut its annual steelmaking coal output forecast by 10.5 percent and expects resumption of normal mining to take as long three months after record rain in Australia, the biggest exporter of the fuel.
Coking coal output in the 12 months ended June 30 is forecast to be 177.3 million metric tons, down from an initial projection of 198 million tons, Mines and Energy minister Stephen Robertson said in a telephone interview. This compares with 182.1 million in the 12 months ended June 30, 2010.
“Queensland is the world’s largest exporter of seaborne coal, so when our supply chains get interrupted that’s felt by a large part of the world,” Robertson said. “We’ve experienced the largest natural disaster in our history, with flooding that has enveloped almost three-quarters” of the state, he said.
The worst flooding in 50 years may have cost A$2.3 billion ($2.31 billion) in lost coal sales, the Queensland Resources Council estimates, with only 15 percent of the state’s mines operating at full production. It may take between two-to-three months for normal operations to resume, Robertson said.
BHP Billiton Ltd. and Xstrata Plc are among producers who’ve said they may miss deliveries. Force majeure remains in place at four mines operated by Rio Tinto Group, the company said yesterday in its fourth quarter operations report.
Australian hard prime coking coal used by steelmakers sold for $280 a metric ton on average last week, up from $265 the week before, according to IHS McCloskey. Prices may reach $300 a ton this year, McCloskey said Jan. 17. Source : Bloomberg
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