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Thursday, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices higher in the short term, with strong realised prices in 2022 boosting its annual revenue.
 
The comments come after China, Australia’s largest coal importer and trade partner, earlier this month lifted an unofficial ban on coal imports and others commodities from the country after a nearly three-year long geopolitical tussle.
 
The Brisbane, Queensland-based miner, which has not typically sold coking coal to China, said last week it had received enquires for long-term supply as Beijing lifted its unofficial ban on coal imports from Australia.
 
“Coronado expects Australian metallurgical (met) coal imports to China to return in 2023 and displace lower quality and higher cost Chinese domestic or U.S. met coal production, particularly to the Chinese steelmakers in southern regions,” the company said.
 
Chief Executive Officer Gerry Spindler said he expects met coal prices to remain above historical averages throughtout 2023 due to the ongoing trade constraints for Russian coal and elevated thermal coal demand and prices.
 
The coal miner posted annual revenue of $3.57 billion, 66% higher than last year with average realised prices more than doubling to $303.1 per tonne.
 
However, its coal sales volume for the year fell 7.7%, sending shares of Coronado Global 3.3% lower to A$2.07 at 0336 GMT.
Source: Reuters 


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Recent News

Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...


Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
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Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter. ...


Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.    Earnings generation should slow down as selling pr ...


Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...


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