Coking Coal Soars in U.S. on Exports, Energy Publishing Says
By Mario Parker - Jan 21, 2011 9:19 AM PT
bloomberg.com
Metallurgical coal prices soared on the U.S. spot market on speculation flooding in Australia will increase export opportunities, Energy Publishing Inc. said.
Spot prices for low-volatility coking coal rose $13.75, or 4.5 percent, to $320 a ton in the week ended today, according to the Knoxville, Tennessee-based data provider. High-volatility coal advanced $13.58, or 5.1 percent, to $280.
“While some spot coal has trickled out of the U.S. since the Australian flooding roiled the global met markets, activity certainly hasn’t been much greater than a trickle,” Energy Publishing said.
Shipments from Australia’s Hay Point port, the biggest export harbor for steelmaking coal, dropped 22 percent in December from a month earlier amid the floods.
Metallurgical coal is used to produce steel, while thermal forms of the fuel are needed by power plants to generate electricity.
Energy Publishing says it surveys buyers and sellers of coal to determine pricing.
To contact the reporter on this story: Mario Parker in Chicago at mparker22@bloomberg.net
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net. |
