Glencore lifts coking coal

摘要

Switzerland-based trading and mining company Glencore increased its coking coal output in the first quarter of this year, as falling export prices eroded profits. The firm produced 1.5mn t of coking coal from its Australian mines in January-March, up by 7.1pc from 1.4mn t in the fourth quarter of last year. Semi-soft coal output remained flat over the period at 1mn t, but production was up by 11pc on the year. The continuing decline of coking coal prices in January-March encouraged Glencore to boost output. The firm’s average selling price (ASP) for deliveries of Australian coking coal slumped by 17pc year on year to $112/t, while the ASP for exports of Australian semi-soft coal declined by 19pc to $84/t.