Australia thermal coal finds support from impending Glencore mine closures: sources

摘要

London—Australian FOB Newcastle thermal coal prices found support recently as Glencore is expected to temporarily close several of its mines across the country starting Sept. 26, sources said. “It has helped pricing recover which was the plan when it was announced a while ago,” a coal trader said. The Platts FOB Newcastle 5,500 kcal/kg NAR assessment rose from a record low of $35.60/mt on Sept. 9 to $41.50/mt on Sept. 22. Similar to their counterparts at most hubs in the seaborne market, FOB Newcastle coal prices had been trending below the production cost for most miners for long stretches of 2020 as the market struggled with a supply-demand imbalance.