The Indian unit of Standard & Poor’s Ratings Services predicted that coking coal price may jump by 15~20% to US$260~270/ton from previous level in the second quarter due to severe flood in Queensland State, Australia.
Rally in coking price definitely undermined the margin of steel industry, since the coking coal accounts for nearly 45% of raw material costs for steel producers.
The Australian government said that about 85% of mines have been affected by the flood and the estimated loss is about US$9.45 billion.
News Date 2/2/2011 12:00:00 AM reported by Dan Wu
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The investment into alternative power generating technologies such as nuclear energy may need to be measured against the potential cost when things turn against you as unfortunately happened this year in Japan. Coal prices and coal statistics show developing economies are more likely to increase their investment into & their use of coal mining in coming years because of coal's affordability and ability to quickly meet increasing demands for electricity and steel. www.coalportal.com
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