Bloomberg reported that Bank of America Corp. (NYSE:BAC) lowered its forecast for Q4 2013 Newcastle thermal coal prices by 12 percent, to $74 per metric ton. It believes that in 2014 the fuel's price will average $82, down 9.9 percent from its previous estimate.
Articles Tagged "coal prices"
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Bloomberg reported that declining industrial demand and signs that the economy is slowing have pushed Qinhuangdao coal with an energy value of 5,500 kilocalories per kilogram down to a range of 560 to 575 yuan per metric ton, its lowest level in four years.
Teck Resources Ltd. (TSX:TCK.A,NYSE:TCK) released its unaudited results for the second quarter of 2013, noting that its adjusted profit came in at $197 million, down from $398 million in 2012. Don Lindsay, president and CEO of the company, commented that prices for Teck's products, particularly steelmaking coal, have continued to weaken; as a result, it is "slowing" the reopening of the Quintette coal mine.
The Wall Street Journal reported that coal's low cost will allow its use in most Asian countries to grow for years — or even decades — as governments ignore pollution concerns and order new coal-fired power stations.
Platts reported that Macquarie Bank has lowered its price forecast for hard coking coal by 13.4 percent for the second half of 2013, a move that suggests Q4 contract prices will stay steady at $145 per metric ton.
The Wall Street Journal's MarketWatch reported that a number of China's largest coal producers are now selling the fuel below $98 per ton, the lowest level in half a decade.
Reuters reported that API2 coal futures for 2014 delivery dropped below the "psychologically important" level of $85 per metric ton (MT) today, declining to $84.45 per MT. They are down about 17 percent since the start of 2013.
Forbes reported that low coal prices, China's proposed import ban on low-quality coal and the Indonesian government's hunt for more tax revenue from the fuel are presenting problems for Indonesian coal miners.
Bloomberg reported that the price of coal for 2014 delivery to Amsterdam-Rotterdam-Antwerp dropped to $88 per metric ton, its lowest price since the contract started trading in January 2010, after Credit Suisse Group AG (NYSE:CS) cut its forecast for the region's fuel and electricity costs.