Whitehaven eyes demand
WHITEHAVEN Coal expects coal prices to remain elevated in the near term on strong demand from China and continued weather impact on Indonesian supplies.
Coal prices spiked earlier this year after seaborne trade was disrupted in March and April by Cyclone Debbie’s impact in Queensland, with metallurgical coal rising to more than $ US300 a tonne and thermal coal touching nearly $ US90 a tonne.
Thermal coal prices fell into May but have since rallied, while metallurgical prices are stable, Whitehaven chief Paul Flynn said. “We see strong support for continued pricing at these levels,” he said.
Demand for thermal coal from power generators in China had increased 8 per cent in the first four months of this calendar year, even as Indonesian supply was hit by weather- related delays.