Radio Mozambique has reported that Indian company Jindal Africa has failed to comply with a court order ordering it to stop coal stockpiling activities at its Chirodzi mine, in the Moatize district of Mozambique’s Tete province. The order was issued by the Tete provincial court.
The price of coking coal dropped on Monday with the industry benchmark price tracked by the Steel Index down 1.1% to $146.20 a tonne as supply returns to normal levels following tropical storms in Australia in March. Continue reading
The market for coking coal took another leap on Monday with the steelmaking raw material surging more than 6% to $300.30 (Australia free-on-board premium hard coking coal tracked by the Steel Index), a 19-week high. Continue reading
Prices of coking coal, the steel-making kind, keep soaring mainly due to slowing supply growth from China. Far seems to be the multi-year lows struck in February, as the commodity has surged almost 150% since then, adding Tuesday a whooping $14.80 per tonne, according to The Steel Index. Continue reading
BHP Billiton has predicted a booming market for its Australian metallurgical coal operations as India begins to suck in imports for its fast-growing steel industry. Continue reading
Seaborne metallurgical coal prices were expected to remain under pressure in the near term as the effects of production cuts announced earlier this year have yet to be felt, market insiders said this week. “It’s bearish sentiment all round,” a producer source told Steel First on the sidelines of an industry conference in Berlin, Germany, on November 17-19. Continue reading
Chinese imports of coking coal are forecast to decline to just 30 million tpy by 2020 from 60-70 million tpy now, according to equity broker CLSA. This is due to the broker’s expectation that the country’s steel consumption will peak before the end of this decade as urbanisation slows, and infrastructure and construction demand start to decline. In addition, ex-China demand will draw supply away from the world’s second-largest economy, CLSA said in a recent research note. Continue reading
The Asian seaborne metallurgical coal spot market on Monday November 17 was divided on the removal of China’s import tax on coal under the country’s free-trade agreement with Australia. After officially concluding its negotiations with Australia on the pact on Monday, China has agreed to lower the duties it recently started imposing on imports of coking coal and thermal coal. Continue reading