Coal price rebounds

QUEENSLAND’S dominant commodity, coking coal, is back in demand again with its price spiking to $US153 a tonne in recent weeks, a rise of almost 10 per cent.

China’s steel production growth and tighter domestic coal supplies were probably driving the rebound for coal prices, which have been on a roller-coaster in the past year.

Critical shortages in China last year drove the price to record territory of $US310 a tonne and earlier this year Cyclone Debbie knocked out the Queensland coal train network forcing the price back above $US300.

It comes as iron ore prices have shown signs of recovery, also because of pollution issues in China and stronger demand for steel.

FBR said that Queensland port loadings had recovered to 19.8 million tonnes in June, which was above the 2016 average monthly shipments, of 18.4 million tonnes.