Bumi Resources Posts $666.2 Million Net Loss on Low Coal Prices
Bloomberg reported that Bumi Resources announced a $666.2 million net loss for 2012, blaming lower coal prices. As quoted in the market report:
Articles Tagged "coal prices"
Coal Supplies Ramp up, Push Coal to Record Low
Bloomberg reported that European coal has dropped to a record low as the balance of supply and demand move farther apart. As quoted in the market report:
Thermal Coal Producers Facing Mine Closures in Face of Waning Demand, Oversupply
Reuters reported that thermal coal miners are facing possible mine closures as the combination of weak demand and oversupply are squeezing margins too tight.
European Coal Futures Dip to 2008 Levels
Reuters reported that European coal futures continued their descent, hovering around levels not seen since the beginning of the global financial crisis in 2008 on news that a resolution to the Colombian coal strike is likely in sight.
Chinese Push for Clean Energy Forces European Coal to Record Low
Bloomberg reported that European coal for 2014 tumbled to a record low as Chinese demand came under question under their new environmental measures.
Coal Sector Still Watching China and India
Can import-hungry India pass China as the world's largest coal consumer?
European Coal Hits Record Low
Bloomberg reported that European coal sank to a record low as striking Colombian coal workers started talks with management.
Turmoil Around Colombian Coal Strikes Pushes European Coal Down
Bloomberg reported that European coal dropped to the lowest level this week as pressure mounts on the Colombian government to restart talks to end a strike at their largest mine.
Newcastle Exports Fall to 12-week Low
Platts reported that last week, a two-day strike undertaken by Pacific National rail employees earlier this month continued to affect coal shipments from Newcastle's three coal terminals, bringing them down to their lowest level in 12 weeks.
Japan to Buy Xstrata’s Coal at Lowest Price Since 2013
Bloomberg reported that its analysts believe that Xstrata plc (LSE:XTA) is set to sell coal to Japan at $98 per metric ton, the lowest level seen in three years, beginning April 1, 2013.
