Coal Sliding as Australian Flood Boost Lost in Drought
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The drought across most of Australia’s Queensland state means coal producers are exporting record volumes into an oversupplied market, depriving them of the usual price gains caused by weather disruptions.
Shipments from Queensland, the biggest exporter of coal used in steelmaking, will rise 14 percent to 205 million metric tons in the 12 months ending June 30, the government says. The heavy rains that crimped output and boosted prices in three of the past four years by flooding pits such as Cockatoo Coal Ltd.’s Baralaba mine haven’t come this year.