Tue Jan 24, 2012
* Vale lifts force majeure on Brazilian shipments
* India's NMDC resumes supply from major mines
* Global steel output growth slows in 2011
SINGAPORE, Jan 24 (Reuters) - Iron ore steadied with trading activity nearly halted as top market China remained shut on Tuesday for the Lunar New Year holiday, blunting any impact from miner Vale's decision to lift a force majeure on Brazilian shipments.
Vale, the world's No. 1 iron ore producer, said on Monday it has resumed mining and export operations after rains eased in southeastern Brazil.
Vale earlier this month declared force majeure on iron ore shipments from Brazil, a legal clause that allows a company to break contractual obligations, because of heavy rains that cut its output by around 2 million tonnes.
Iron ore with 62 percent iron content .IO62-CNI=SI was unchanged at $139.80 a tonne on Monday, according to Steel Index.
There are hardly any deals in the spot market with the Chinese away for the holiday and chances are prices may slip marginally, said Dhruv Goel, managing director at iron ore trading firm SteelMint in India's eastern Orissa state.
But Goel said Chinese demand for lower grade Indian iron ore has improved recently and he expects it to continue after the holiday.
"Chinese buyers are interested in buying low grade from India, as cargoes from Australia and Brazil are generally high grade," he said.
India's biggest iron ore miner, NMDC Ltd, has resumed operations in the central state of Chhattisgarh, which accounts for two-thirds of its annual ouput of 25 million tonnes, after protests disrupted railway movements for 10 days.
Local protests had forced NMDC to halt production and exports of iron ore from the mines. The protest was called off after the federal government agreed to improve the overall rail network in the Bastar region, a predominently tribal area that has roughly a fifth of India's iron ore deposits.
Reflecting a slump in Chinese buying, the Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, fell to its lowest in more than three years on Monday.
Expected slower growth in China's steel production this year could similarly curb its demand for raw material iron ore.
China's crude steel output rose 8.9 percent to around 683 million tonnes in 2011, versus a 9.3 percent clip in 2010. A Reuters poll in mid-December showed the country's steel output may reach 728 million tonnes this year, 6.5 percent higher than 2011.
Globally, steel production rose 6.8 percent to 1.527 billion tonnes in 2011, less than half the 15 percent increase in 2010, data from the World Steel Association showed on Monday.
(sourced Reuters)
Showing posts with label force majeure. Show all posts
Showing posts with label force majeure. Show all posts
Tuesday, January 24, 2012
Saturday, March 19, 2011
6.1 quake hits south of stricken Japan nuclear plant
Mar 19, 2011, 03.54pm IST AFP |
OSAKA: A strong 6.1 magnitude earthquake rattled Japan's Ibaraki Prefecture south of the stricken Fukushima No. 1 nuclear plant, the country's meteorological agency said, but no tsunami warning was issued.
The quake shook buildings in Tokyo, but no damage was immediately reported, public broadcaster NHK said, adding that flights at the capital's Narita Airport were temporarily suspended for safety checks.
OSAKA: A strong 6.1 magnitude earthquake rattled Japan's Ibaraki Prefecture south of the stricken Fukushima No. 1 nuclear plant, the country's meteorological agency said, but no tsunami warning was issued.
The quake shook buildings in Tokyo, but no damage was immediately reported, public broadcaster NHK said, adding that flights at the capital's Narita Airport were temporarily suspended for safety checks.
Tuesday, March 8, 2011
Australia's QR National to re-open Rolleston coal line
Tue Mar 8, 2011 7:46am
SYDNEY, March 8 (Reuters) - Australian rail-freight company QR National plans to re-open its Rolleston coal line in northern Australia on Tuesday night, about 10 weeks after it was closed due to flood damage.
The line services Xstrata's Rolleston coal mine, which had declared force majeure in December on some coal deliveries out of the mine due to the impact of the floods.
A force majeure is a legal let-out suspending sales obligations due to factors beyond a supplier's control.
An Xstrata spokesman was not immediately able to comment on whether or not the company has lifted force majeure on the mine's exports.
Rolleston produces about 8 million tonnes per year of thermal coal used for power generation and Xstrata is the world's largest exporter of thermal coal.
Benchmark prices for Australian thermal coal rose above $140 a tonne earlier as supplies were crimped by floods at several mines. Australia is the world's second-biggest exporter of thermal coal. (sourced:Reuters)
Tags : Australia thermal coal prices, benchamark prices
Saturday, February 19, 2011
Macarthur Coal cuts output guidance
Saturday, 19 Feb 2011
Macarthur Coal Limited announced a reduction in its 2011 financial year sales production target as a result of extended unseasonal rainfall impacting on production.
The Company’s saleable production target for the 2011 financial year was 5.0 million tonne. Macarthur Coal is decreasing its full year sales forecast to be in the range of 4.1 million tonne to 4.3 million tonne.
On December 3rd 2010, Macarthur Coal declared force majeure to customers as a result of unseasonal heavy rain in the Bowen Basin. Macarthur Coal advises that the declaration of force majeure with customers remains in place. Recovery continues however a return to full production levels has been hampered by additional rainfall received from cyclones Anthony and Yasi.
Ms Nicole Hollows CEO of Macarthur Coal said that “Our operations at both Coppabella and Moorvale have been disrupted by unseasonal heavy rains over the past three months; continuation of excessive wet weather has caused further delays to production through to February. Although we are anticipating more rainfall, should it remain at historical averages we are confident of progressively returning to normal production over the next few weeks. Water diversion structures, pit protection measures, dam levy work and onsite water management initiatives completed prior to the wet season have helped each site manage the impact of unseasonal rainfall on the operations and the environment.”
Macarthur Coal Limited announced a reduction in its 2011 financial year sales production target as a result of extended unseasonal rainfall impacting on production.
The Company’s saleable production target for the 2011 financial year was 5.0 million tonne. Macarthur Coal is decreasing its full year sales forecast to be in the range of 4.1 million tonne to 4.3 million tonne.
On December 3rd 2010, Macarthur Coal declared force majeure to customers as a result of unseasonal heavy rain in the Bowen Basin. Macarthur Coal advises that the declaration of force majeure with customers remains in place. Recovery continues however a return to full production levels has been hampered by additional rainfall received from cyclones Anthony and Yasi.
Ms Nicole Hollows CEO of Macarthur Coal said that “Our operations at both Coppabella and Moorvale have been disrupted by unseasonal heavy rains over the past three months; continuation of excessive wet weather has caused further delays to production through to February. Although we are anticipating more rainfall, should it remain at historical averages we are confident of progressively returning to normal production over the next few weeks. Water diversion structures, pit protection measures, dam levy work and onsite water management initiatives completed prior to the wet season have helped each site manage the impact of unseasonal rainfall on the operations and the environment.”
Tuesday, February 15, 2011
Xstrata declares force majeure at Australia's Ulan coal mine
Tuesday 15 February 2011
PERTH, Feb 15 (Reuters) - Global (news) miner Xstrata (XTAF.EX - news) has declared force majeure at its Ulan thermal coal mine in Australia's New South Wales state due to heavy rains, the company said on Tuesday.
"We have declared FM on certain customer vessels for the Ulan operation, following the interruption to production as a result of significant water underground following recent heavy rains," spokesman James Rickards said in an email.
The company is currently pumping the water out from the underground area, but said it is currently does not have an estimate to speculate at this time as to when production will resume.
(Reporting by Rebekah Kebede; editing by Balazs Koranyi,sourced:Reuters)
Tags:Perth, Xstrata, declared, force majeure, Ulan thermal coal mine, Australia, South Wales state, heavy rains, coal vessel,
Tuesday, February 1, 2011
Indonesia Blocks 3.5 Million Tons of Coal Shipments
February 1, 2011,
Bloomberg, By Bambang Djanuarto and Yoga Rusmana
Indonesia’s government has blocked shipments of at least 3.5 million metric tons of coal since Jan. 15, after a delay in issuing new trading permits, an industry group said.
About 70 vessels, each with a capacity of 50,000 tons, are stuck at ports because surveyors checking shipments won’t allow the exports before traders obtain fresh licenses from the Energy and Mineral Resources Ministry, said Bob Kamandanu, chairman of the Indonesian Coal Mining Association.
“Some traders have declared force majeure because of the permit issue,” Kamandanu told reporters in Jakarta today, without identifying them. “More shipments will be halted as a lot more ships are entering the ports.”
Indonesia’s mining law of 2009 requires traders to convert old permits into new trading licenses issued by the Energy and Mineral Resources Ministry before they ship products overseas, said Djunaedi, head of mining exports at the Trade Ministry said Jan. 26. The ministry halted the process of giving out new licenses while waiting for the ministerial decree to be issued, Djunaedi, who uses one name, said at the time.
Alberth Yusuf Tobogu, export director of mining and industry products at the Trade Ministry, and Djunaedi didn’t answer two calls to their mobile phones seeking comment.
Force majeure is a legal clause that allows producers to miss deliveries because of circumstances beyond their control.
Indonesia, the world’s largest thermal coal exporter, has since 2008 required all exports of coal, metal ores and concentrate to be verified by government-appointed surveyors to prevent illegal shipments of commodities.
Bloomberg, By Bambang Djanuarto and Yoga Rusmana
Indonesia’s government has blocked shipments of at least 3.5 million metric tons of coal since Jan. 15, after a delay in issuing new trading permits, an industry group said.
About 70 vessels, each with a capacity of 50,000 tons, are stuck at ports because surveyors checking shipments won’t allow the exports before traders obtain fresh licenses from the Energy and Mineral Resources Ministry, said Bob Kamandanu, chairman of the Indonesian Coal Mining Association.
“Some traders have declared force majeure because of the permit issue,” Kamandanu told reporters in Jakarta today, without identifying them. “More shipments will be halted as a lot more ships are entering the ports.”
Indonesia’s mining law of 2009 requires traders to convert old permits into new trading licenses issued by the Energy and Mineral Resources Ministry before they ship products overseas, said Djunaedi, head of mining exports at the Trade Ministry said Jan. 26. The ministry halted the process of giving out new licenses while waiting for the ministerial decree to be issued, Djunaedi, who uses one name, said at the time.
Alberth Yusuf Tobogu, export director of mining and industry products at the Trade Ministry, and Djunaedi didn’t answer two calls to their mobile phones seeking comment.
Force majeure is a legal clause that allows producers to miss deliveries because of circumstances beyond their control.
Indonesia, the world’s largest thermal coal exporter, has since 2008 required all exports of coal, metal ores and concentrate to be verified by government-appointed surveyors to prevent illegal shipments of commodities.
Some Indonesia coal traders declare force majeure on rule change-assoc
JAKARTA Feb 1,2011
(Reuters) Some Indonesian coal traders have declared force majeure after a trade rule change, with around 60-70 vessels stuck in various ports and 3.5 million tonnes unable to be shipped, the chairman of the Indonesian Coal Mining Association said on Tuesday.
It was not immediately clear which trading companies and which buyers were affected, Bob Kamandanu told reporters, after a new trade regulation caused the delays in the world's top thermal coal exporter.
The problems have come after the trade ministry ordered surveyors in January to temporarily halt issuing surveyor reports to traders who are in the process of reapplying for trading permits under a new coal and mining law system. The surveyor reports are documents required for shipping the fuel.
The rule appeared to affect traders who do not own mines and buy blended coal, or aggregate coal, from various small miners, as well as traders who buy coal in barges. It was not clear which firms had declared force majeure.
"The vessels have been stuck in various coal ports around the country. Stockpiles have been building up because the coal can't be loaded to vessels," Bob Kamandanu said.
Most of the vessels were shipping the coal to buyers in India and China, he said.
Indonesia has required exports of mining products including coal and tin to be checked by surveyors before shipping them out as the country seeks to keep illegal mining in check and boost revenue from the sector.
"They have submitted requests for processing permits to the energy and mines ministry since three months ago but with no response," Kamandanu told reporters.
Surveyor reports show the origin of the cargoes and are used to calculate royalties.
The trade rule so far has not affected shipments from coal firms such as top producers Bumi Resources and Adaro Energy , as surveyors are still allowed to issue reports for coal exports from producers.
But it could affect the country's production if the delays run for a longer period, said Kamandanu.
The delays come as Indian traders and end-users are close to resuming prompt buying on thermal coal after a break of several months, some of India's largest traders said last week.
Australia's thermal coal prices on the globalCOAL weekly index, a benchmark for Asia, closed at $127 per tonne for the week to date on Monday, up from $124.25 a week earlier.(Reporting by Alfian; Writing by by Fitri Wulandari; Editing by Neil Chatterjee, sourced: reuters)
(Reuters) Some Indonesian coal traders have declared force majeure after a trade rule change, with around 60-70 vessels stuck in various ports and 3.5 million tonnes unable to be shipped, the chairman of the Indonesian Coal Mining Association said on Tuesday.
It was not immediately clear which trading companies and which buyers were affected, Bob Kamandanu told reporters, after a new trade regulation caused the delays in the world's top thermal coal exporter.
The problems have come after the trade ministry ordered surveyors in January to temporarily halt issuing surveyor reports to traders who are in the process of reapplying for trading permits under a new coal and mining law system. The surveyor reports are documents required for shipping the fuel.
The rule appeared to affect traders who do not own mines and buy blended coal, or aggregate coal, from various small miners, as well as traders who buy coal in barges. It was not clear which firms had declared force majeure.
"The vessels have been stuck in various coal ports around the country. Stockpiles have been building up because the coal can't be loaded to vessels," Bob Kamandanu said.
Most of the vessels were shipping the coal to buyers in India and China, he said.
Indonesia has required exports of mining products including coal and tin to be checked by surveyors before shipping them out as the country seeks to keep illegal mining in check and boost revenue from the sector.
"They have submitted requests for processing permits to the energy and mines ministry since three months ago but with no response," Kamandanu told reporters.
Surveyor reports show the origin of the cargoes and are used to calculate royalties.
The trade rule so far has not affected shipments from coal firms such as top producers Bumi Resources and Adaro Energy , as surveyors are still allowed to issue reports for coal exports from producers.
But it could affect the country's production if the delays run for a longer period, said Kamandanu.
The delays come as Indian traders and end-users are close to resuming prompt buying on thermal coal after a break of several months, some of India's largest traders said last week.
Australia's thermal coal prices on the globalCOAL weekly index, a benchmark for Asia, closed at $127 per tonne for the week to date on Monday, up from $124.25 a week earlier.(Reporting by Alfian; Writing by by Fitri Wulandari; Editing by Neil Chatterjee, sourced: reuters)
Wednesday, January 12, 2011
BHP Coal Contract Change Spares Consumers Price Surge
BHP Billiton Ltd.’s push to set coal prices quarterly rather than annually may spare steelmakers from a surge in costs after flooding in Australia disrupted mine production in Queensland state.
“The market can respond far quicker than with the 12-month pricing and buyers will be prepared for an increase knowing they can always renegotiate the next contract,” said Gavin Wendt, a senior resource analyst at MineLife Pty in Sydney. “It’s a more fluid market. You probably won’t see the sorts of huge price movements that we saw a couple of years ago.”Steelmakers were hit with a threefold increase in annual contract prices to about $300 a metric ton in 2008 after heavy rains and floods affected mining in Queensland. This year, coal production and deliveries have been disrupted after Australia had its wettest September-to-November spring on record. BHP, the world’s biggest mining company, has urged the industry to move to short-term deals to make prices more responsive to market changes. It agreed with Japan’s JFE Holdings Inc. to the first three-month coking coal contract in March.Coking coal and iron-ore suppliers traditionally held annual talks with steelmakers to fix benchmark contracts for the 12 months from April 1, the start of the Japanese financial year. Quarterly accords mean producers can spread price increases caused by the rain over the course of the year.“Producers are not compelled to push for higher prices now to offset lost production, like they have in recent years, most notably the super-spike of $300 a ton,” UBS AG analysts led-by Sydney-based Tom Price said in an e-mailed note today. “They don’t have to wait another-12-months like they used to.”
Force Majeure
Production has been disrupted at mines operated by Macarthur Coal Ltd., Aquila Resources Ltd., Vale SA and Xstrata Plc. They have all declared force majeure, a legal clause invoked by companies when they can’t meet obligations because of circumstances beyond their control.“We’ve moved now to quarterly pricing, in the old days we had annual pricing,” Keith De Lacy, chairman of Macarthur Coal Ltd., the world’s largest producer of pulverized coal used in steel manufacturing, said on Bloomberg Television on Dec. 8. “The market responds a lot quicker to supply and demand.”BHP agreed with Japanese steelmakers to cut coking-coal prices by 7 percent in the three months ending Dec. 31. Kobe Steel Ltd. will pay $209 a metric ton, from $225 a ton in the quarter from July to September, Hiroyuki Hashimoto, a spokesman for Kobe Steel, said Sept. 1. JFE Holdings’ steel unit reached the same agreement, the company said.
Fiona Martin, spokeswoman for BHP, declined to comment on what percentage of the company’s coal contracts are settled on a quarterly basis. BHP Billiton-Mitsubishi Alliance, known as BMA, is the world’s biggest exporter of coal for steelmaking and operates seven mines in Queensland’s Bowen Basin.
Consumers Concerned “All our readings of the consumer side is that they’re very concerned about making sure that they have enough supply,” Andrew Harrington, an analyst at Patersons Securities Ltd. in Sydney, said Dec. 7. “This year has been unusual because we had a fair amount of rain up in the inland of Queensland in August and September, which is usually the dry period.”Queensland’s coal exports are worth about A$100 （$99 million） a day to the state, Michael Roche, chief executive of the Queensland Resources Council, said Dec. 7. “Some open-cut pits are now looking more like dams than mines,” he said.Australia is the largest producer of coal used in steelmaking, contributing more than 40 percent of the global seaborne trade, Deutsche Bank AG. said Oct. 19. The country is the second-largest exporter after Indonesia of the commodity burned for power.
“The market can respond far quicker than with the 12-month pricing and buyers will be prepared for an increase knowing they can always renegotiate the next contract,” said Gavin Wendt, a senior resource analyst at MineLife Pty in Sydney. “It’s a more fluid market. You probably won’t see the sorts of huge price movements that we saw a couple of years ago.”Steelmakers were hit with a threefold increase in annual contract prices to about $300 a metric ton in 2008 after heavy rains and floods affected mining in Queensland. This year, coal production and deliveries have been disrupted after Australia had its wettest September-to-November spring on record. BHP, the world’s biggest mining company, has urged the industry to move to short-term deals to make prices more responsive to market changes. It agreed with Japan’s JFE Holdings Inc. to the first three-month coking coal contract in March.Coking coal and iron-ore suppliers traditionally held annual talks with steelmakers to fix benchmark contracts for the 12 months from April 1, the start of the Japanese financial year. Quarterly accords mean producers can spread price increases caused by the rain over the course of the year.“Producers are not compelled to push for higher prices now to offset lost production, like they have in recent years, most notably the super-spike of $300 a ton,” UBS AG analysts led-by Sydney-based Tom Price said in an e-mailed note today. “They don’t have to wait another-12-months like they used to.”
Force Majeure
Production has been disrupted at mines operated by Macarthur Coal Ltd., Aquila Resources Ltd., Vale SA and Xstrata Plc. They have all declared force majeure, a legal clause invoked by companies when they can’t meet obligations because of circumstances beyond their control.“We’ve moved now to quarterly pricing, in the old days we had annual pricing,” Keith De Lacy, chairman of Macarthur Coal Ltd., the world’s largest producer of pulverized coal used in steel manufacturing, said on Bloomberg Television on Dec. 8. “The market responds a lot quicker to supply and demand.”BHP agreed with Japanese steelmakers to cut coking-coal prices by 7 percent in the three months ending Dec. 31. Kobe Steel Ltd. will pay $209 a metric ton, from $225 a ton in the quarter from July to September, Hiroyuki Hashimoto, a spokesman for Kobe Steel, said Sept. 1. JFE Holdings’ steel unit reached the same agreement, the company said.
Fiona Martin, spokeswoman for BHP, declined to comment on what percentage of the company’s coal contracts are settled on a quarterly basis. BHP Billiton-Mitsubishi Alliance, known as BMA, is the world’s biggest exporter of coal for steelmaking and operates seven mines in Queensland’s Bowen Basin.
Consumers Concerned “All our readings of the consumer side is that they’re very concerned about making sure that they have enough supply,” Andrew Harrington, an analyst at Patersons Securities Ltd. in Sydney, said Dec. 7. “This year has been unusual because we had a fair amount of rain up in the inland of Queensland in August and September, which is usually the dry period.”Queensland’s coal exports are worth about A$100 （$99 million） a day to the state, Michael Roche, chief executive of the Queensland Resources Council, said Dec. 7. “Some open-cut pits are now looking more like dams than mines,” he said.Australia is the largest producer of coal used in steelmaking, contributing more than 40 percent of the global seaborne trade, Deutsche Bank AG. said Oct. 19. The country is the second-largest exporter after Indonesia of the commodity burned for power.
Peabody Energy, Rio Tinto, BHP Billiton, Xstrata and Anglo American have all declared force majeure in the region Queensland
Queensland floods in 2008 left steel producers with a threefold increase in annual contract prices to about US$300 a ton.
Queensland accounts for the majority of the premium hard coking coal supply on a global seaborne basis. Queensland is the biggest global exporter of coal used in steel production.
Collins Stewart believes the current situation is worse than the 2008 flooding, as more mines and transportation infrastructure have been affected this time. About 37% of the world’s traded coking coal has been affected, according to Macquarie.
Mines affected in 2008 took at least six months to recover from the disruption and return to full capacity. The cumulative loss of production is expected to maintain upward pressure on spot prices for several weeks.
Coal stockpiles at Gladstone harbor in Queensland are very low after flooding shut a rail network. Eighteen ships are waiting to load and 12 more are expected at the harbor in the next 10 days.
Meanwhile, Queensland coal miner Macarthur Coal stated on Wednesday that its now expecting first-half profit at the low end of its forecast range due to production issues.
Peabody Energy, Rio Tinto, BHP Billiton, Xstrata and Anglo American have all declared force majeure in the region, which means they won’t be able to meet contractual obligations due to unforeseen circumstances.
About 98 million tons of capacity to produce steelmaking coal is under force majeure, equivalent to 73% of Queensland exports.
Australia shipped 259 million tons of coal for steel and power in 2009, according to the World Coal Association.
Australia is the largest producer of coal used in steelmaking, contributing more than 40% of the global seaborne trade, according to Deutsche Bank AG. The country is the second-largest exporter of the commodity after Indonesia.
Coking coal suppliers traditionally hold annual talks with steelmakers to fix benchmark contracts for the 12 months from April 1.
Steelmakers may agree to monthly pricing for coking coal, as proposed by BHP, in the current environment rather than locking in US$300 a ton for a whole quarter, Macquarie says.
There will be a material impact on Australian exports of coking coal, even if no further rain falls, Morgan Stanley adds.
Flooding is also affecting thermal coal, used by power stations, driving the price of supplies at the port of Newcastle in Australia’s New South Wales, the benchmark for Asia, to the most in 27 months.
Prices jumped 3% to US$126.10 a ton in the week ended Dec. 31, the most since Oct. 2008.
Queensland accounts for the majority of the premium hard coking coal supply on a global seaborne basis. Queensland is the biggest global exporter of coal used in steel production.
Collins Stewart believes the current situation is worse than the 2008 flooding, as more mines and transportation infrastructure have been affected this time. About 37% of the world’s traded coking coal has been affected, according to Macquarie.
Mines affected in 2008 took at least six months to recover from the disruption and return to full capacity. The cumulative loss of production is expected to maintain upward pressure on spot prices for several weeks.
Coal stockpiles at Gladstone harbor in Queensland are very low after flooding shut a rail network. Eighteen ships are waiting to load and 12 more are expected at the harbor in the next 10 days.
Meanwhile, Queensland coal miner Macarthur Coal stated on Wednesday that its now expecting first-half profit at the low end of its forecast range due to production issues.
Peabody Energy, Rio Tinto, BHP Billiton, Xstrata and Anglo American have all declared force majeure in the region, which means they won’t be able to meet contractual obligations due to unforeseen circumstances.
About 98 million tons of capacity to produce steelmaking coal is under force majeure, equivalent to 73% of Queensland exports.
Australia shipped 259 million tons of coal for steel and power in 2009, according to the World Coal Association.
Australia is the largest producer of coal used in steelmaking, contributing more than 40% of the global seaborne trade, according to Deutsche Bank AG. The country is the second-largest exporter of the commodity after Indonesia.
Coking coal suppliers traditionally hold annual talks with steelmakers to fix benchmark contracts for the 12 months from April 1.
Steelmakers may agree to monthly pricing for coking coal, as proposed by BHP, in the current environment rather than locking in US$300 a ton for a whole quarter, Macquarie says.
There will be a material impact on Australian exports of coking coal, even if no further rain falls, Morgan Stanley adds.
Flooding is also affecting thermal coal, used by power stations, driving the price of supplies at the port of Newcastle in Australia’s New South Wales, the benchmark for Asia, to the most in 27 months.
Prices jumped 3% to US$126.10 a ton in the week ended Dec. 31, the most since Oct. 2008.
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