Glencore adopts supply discipline as price slump bites

摘要

Glencore will pare back thermal production at its Australian mines in the second half of this year by as much as 12% of its 2019 thermal and semi soft output of 79.20 mt, as it actively seeks to respond to the supply overhang in the global coal market. As part of its supply curtailment, the miner will cull 7 mt from its thermal output in the second half of this year, bringing its total thermal and semi soft cutback for the full year to around 9.50 mt. The miner has already reduced its Australian thermal and semi- soft production in the first half of 2020 by 7% year on year to 35.75 mt and revised down its total global coal output guidance for the full year to around 114 mt from 132 mt previously. Glencore’s Australian equity coal production of thermal and semi- soft in 2019 was 79.20 mt.