Met Coal Surges Past $300 Toward Record on Australia Outages
By Ben Sharples and Perry Williams
Bloomberg (April 10, 2017)
Spot metallurgical coal is heading for a record after surging above $300 a metric ton amid supply curbs from Australia, the world’s biggest exporter of the commodity used to make steel.
Morgan Stanley says “panic buying” has helped double the price of premium hard coking coal over the past eight sessions after rain from the remnants of cyclone Debbie flooded rail lines and halted deliveries to export ports. Prices were unchanged at $300.30 a ton on Tuesday, near a record $308.80 reached in November after China cut production to reduce overcapacity.