Sev.en Global Investments, is making a substantial bet on coal with a $1.6 billion deal to acquire a 51% stake in Coronado Global Resources.
A coal mine accident in Guizhou province, China, claimed 16 lives after a conveyor belt caught fire, trapping workers underground.
India’s plans to add 25-30 GW of thermal power on top of 49 GW already under construction, resulting in 40% more coal burn.
Chevron hasn’t reached an agreement with unions regarding strike action at the Gorgon and Wheatstone LNG facilities.
In terms of metallurgical coal equity share price action, it has been pretty exciting to say the least as they’ve rallied.
Why is met rallying? Supply has become incrementally tighter and demand coming out of the summer doldrums is picking up again.
Haul truck operations at Peak Downs might be suspended for two more weeks after two trucks slid over 100 meters during an overnight shift.
Herewith a quick rundown on Chinese Leading Indicators, PMI’s, and Steel Production. Plus metallurgical coal and iron ore implications.
Low water levels in the Mississippi River led to a 57% drop in Gulf Coast coal shipments, only six ships left in the week ending Sept. 10.
The EIA has raised its 2023 total coal production outlook to 583 million short tons, a slight increase from August’s estimate.
South Korean government urged power companies to reduce their imports of Russian coal, particularly through spot market transactions.
Asian metallurgical coal prices rose due to increased buying interest. Bids for October-loading coal ranged from $276-$290/mt FOB Australia.