Sumitomo Metal Industries, Japan’s third-biggest steelmaker said that BHP Billiton Ltd (BHP:ASX) has requested for more than 10% rise in the price of coking coal for the July-September quarter. Takeshi Osawa, senior fund manager at Norinchukin Zenkyoren Asset Management is quoted saying: “The rebounds of stocks are weak, meaning the news of the price hikes [...]
Demand for coal to generate electricity and make steel in China and India is expected to grow by 7-8% annually in the next five years, leaving the world chronically short of the fuel. Moreover, currencies linked to coal have outperformed both their emerging market and G-10 peers.
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
European API2 coal swaps settled little changed on Monday in relatively thin trading. Coal swaps dip around $2.50 by midday in line with weaker oil prices but later recovered most of the earlier losses. For full story, click here
Coal India, one of the leading coal companies in the world with reserves of 287 million tonnes of coking and non-coking coal, has charted out a growth path with focus on acquisitions. For full story, click here
Upgrade season is on and for coal and things seem to be heating up. Coal prices appear to be at a bottom and credit markets are beginning to work again, which should provide a positive catalyst for the industry. Cancellations of mining projects stabilized in February as well. To add to the positive news, J.P. Morgan on Monday upgraded mining firms Joy Global (JOYG) and Bucyrus International Inc. (BUCY) to neutral from underweight.
Coal miner New Hope Corporation revealed that its full-year profit guidance has delivered a boost in earnings for the half on higher commodity prices. For full story, click here
Spot coal prices at China coal port Qinhuangdao were largely flat from a week earlier, however supply uncertainties remained which will push prices higher. For full story, click here
Coal prices at Qinhuangdao Port, China’s largest coal trans-shipment port, continued to dip from February 16th to February 23rd due to growing stockpiles. For full story, click here
Thermal coal spot prices at DES ARA Index of globalCOAL slumped in the week ended on February 20th 2009. The spot prices in the week ended February 20, 2009 moved up by 3.39%. For more information, click here
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