Prices for Australian coking coal have surged to a record on the back of a global shortage of the steel-making ingredient, cushioning the economic impact of a 57 per cent slump in prices for the nation’s top commodity export, iron ore.
Premium hard coking coal from Queensland fetched $US379 per tonne ($520.56 per tonne) on Friday according to S&P Global Platts, eclipsing the record set in January 2011 when Cyclone Yasi flooded big Queensland mines and severed transport routes.
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
