Japan Steelmakers Scramble for Coking Coal
Japanese steelmakers have bought coking coal from the United States, Canada and China to replace supply lost after a cyclone closed rail links in Australia, their biggest supplier, industry and trader sources said. Still, the Japanese buyers are paying nearly double the $150 a tonnes price that they were discussing with sellers for second-quarter supply before the supply disruption. The supply talks are now on hold and prices will likely stay high until full volumes start flowing again. In 2016, Japan bought about 71 percent of the 59.9 million tonnes of coking coal it consumed from Australia. "We've tapped supplies by bringing forward shipping schedules of cargos from Canada and the United States…
Storm Shutters Australia's Newcastle Coal Port
Coal port shut since Monday night; seven coal ships waiting to leave, ship queue undisclosed. MELBOURNE, April 22 (Reuters) - Australia's Newcastle port, the world's biggest coal export port, has stopped all ship movements due to a cyclonic storm lashing the country's east coast, a port spokeswoman said on Wednesday. "Due to the weather event, no shipping movements occurred yesterday and port operations also paused," the spokeswoman said. Seven coal ships are waiting to leave the port, four from terminals operated by Port Waratah Coal Services and three from a terminal run by Newcastle Coal Infrastructure Group (NCIG). The port operators declined to comment on how many coal ships were waiting offshore to pick up their cargoes from the port…
Fallen Australian Tycoon Tinkler Attempts Comeback In Coal
The coal price slump that brought Australian tycoon Nathan Tinkler down last year has also sown the seeds for his comeback, with the former electrician snapping up a closed coal mine from Peabody Energy for next to nothing. Tinkler's Singapore-based firm Bentley Resources agreed to buy the Wilkie Creek mine from Peabody for $70 million in cash, plus the assumption of $60 million in various obligations and liabilities, in a deal announced on Tuesday. The sale came as a surprise to bankers and analysts, who knew that Peabody had wanted well over $500 million for the mine when it was put on the block two years ago. After failing to attract a buyer…
