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Jumat, 07 Januari 2011

Bloomberg Japan Steelmakers May Seek New Coal Supply Sources After Floods

Steelmakers in Japan, the world’s largest coal importer, may seek alternative sources amid concern about supplies after the worst floods in 50 years cut output from producers in Australia’s Queensland state. Kobe Steel Ltd., Japan’s fourth-largest mill, is “concerned” about the impact of floods and may seek supplies from North America and Africa to make up for shortfalls, President Hiroshi Sato told a group of reporters today in

Tokyo. Nippon Steel Corp., the nation’s largest producer, will look into other regions to secure supplies if disruption continues, President Shoji Muneoka also said today.“I expect there will be a big impact” on the Japanese steel industry because of floods in Queensland, Sato said, without giving specific details.

Japanese steelmakers imported 58 percent of their coking coal requirements from Australia last financial year, according to data from Tokyo-based Nippon Steel. BHP Billiton Ltd., Rio Tinto Group, Macarthur Coal Ltd. and Anglo American Plc are among producers that have declared force majeure, a legal clause invoked by companies when they can’t meet obligations because of circumstances beyond their control.

Nippon Steel shares closed down 1 percent at 290 yen in Tokyo. Kobe Steel also declined 1 percent to 207 yen. “Rising prices cannot be avoided,” Sato also said today.

Contract prices for coking coal may rise to more than $300 a metric ton because of floods in Australia’s Queensland state, according to analyst David Brennan at Daiwa Capital Markets. Mills agreed to pay $225 a ton for hard coking coal under a three-month accord starting Jan. 1 this year, Bank of America Merrill Lynch analysts wrote in a Dec. 21 report.
Posted by Saham Pilihan at 06.13

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