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Sabtu, 29 Januari 2011

The Wall Street Journal Flood disruptions to push up world coal price, says Rio

THE head of Rio Tinto's Australian coal unit says coal prices are headed for big, sustained price rises on the back of the Queensland and NSW rains, with coking coal only likely be capped once they start to make the price of steel too expensive.

Rio Tinto Coal Australia managing director Bill Champion said the effects of the Australian floods were evident in spot pricing and had been compounded by wet weather in Indonesia, South Africa and Colombia.
"It seems like our industry worldwide is having weather-related events impacting supply," Mr Champion said.
"It really depends on what happens with pricing and how high that's likely to get before it really has a knock-on effect, for the steel producers in particular, and whether they can pass those along to the customer."
While contract coking coal prices for this quarter are sitting at $US225 a tonne, spot prices reportedly rose to $US385 a tonne last week and were tipped to go through $US400 to a new record this week.

Mr Champion said he did not believe prices would rise to $US500, as has been suggested by some commentators.
"There are speculators out there tossing around $US400 to $US500 a tonne -- I think that's a bit of a stretch. If there's a tonne that's sold at that price, I certainly hope its ours," he said.
He said Rio's Queensland mines were still under force majeure and it was too early to give estimates on the effect of the weather on this quarter's production.
Mr Champion is also managing director of Rio's NSW coal subsidiary, Coal and Allied, which yesterday reported a 37 per cent drop in full-year operating profit after tax to $586m, despite flat production.    more ...

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