China has boosted its imports of Australian coking coal fiftyfold in the first quarter. The increase in import comes as China’s domestic production was cut, potentially saving Queensland from a further round of mine closures. For full story, click here
Alpha Natural Resources Inc. declared a higher coal revenues and net income in the first quarter of 2009 as compared with last year as a 25% improvement in the company’s average coal sales price overcame continued contraction in demand. For full story, click here
Australian thermal coal prices, a benchmark for Asia has edged lower to around $63 a tonne on concerns over demand, after hitting a two-week high of $64 earlier in the week. For full story, click here
International Coal Group declared that it is willing to cut production more as it deals with dipping demand and prices. For full story, click here
China Shenhua Energy Co., the country’s biggest coal producer, declared that its first-quarter profit surged 17.2 percent, supported by higher prices and a revival in demand thanks to the government’s economic stimulus spending. For full story, click here
While U.S. coal miners are likely to report strong quarterly profits this month, weak demand and a supply glut could hover the industry’s prospects for the rest of the year. For full story, click here
After a dark winter for Canadian coal producers, spring supply contract negotiations halfway around the world are providing a glimmer of light at the end of the mine shaft. As news of the pricing agreement filtered through the market last week, Canadian coal stocks have reaped the benefits.
Prices of power-station coal from Australia, a benchmark for Asia, slipped below $63 a tonne, the lowest in nearly 21 months, as sluggish global demand led to a build-up in supply. For more information, click here
JSW Steel is negotiating a 66% lower rate for coking coal from global suppliers at USD 100 per tonne. For full story, click here
Slowdown in China’s imports of major base metals would continue to remain a cause for concern in the base metals market. For full story, click here
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