Port of Newcastle coal prices up 30%

Port of Newcastle coal prices up 30%

Newcastle coal price increase ignites new wave of optimism

The Port of Newcastle in NSW is the gateway to the coal-rich land that lies to the west. Having a history of turbulence, dodging coal price declines over the years, finally some positive news we can all be thankful for.

Asian benchmarked prices of export thermal coal from the port have rocketed 30 percent this year. It’s got the analysts talking up a storm and asking themselves: has coal bottomed out after more than 5 years on the downward slope?

Coal prices at the Port of Newcastle have leaped from around $60 a tonne to over than $80 a tonne at the beginning of 2015, their biggest jump over a two-month period since 2010.

Some coal traders said coal prices are likely to be boxed in the $60-90 a tonne range throughout 2015. Adding that the market is well supported at $60, which has been solid over the last seven years.

A near-term dent in supplies is also assisting the price increase. Mining giant Glencore said it planned to cut Australian coal exports by 15 percent this year to make sure its coal mines remain in the black.

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Learn more about the Bowen Basin mining location.

The Bowen Basin contains the largest coal reserves in Australia. This major coal producing region contains one of the world’s largest deposits of bituminous coal.

The Basin contains much of the known Permian coal resources in Queensland including virtually all of the known mineable prime coking coal. It was named for the Bowen River, itself named after Queensland’s first Governor, Sir George Bowen.

The Bowen Basin covers an area of over 60,000 square kilometres in Central Queensland running from Collinsville to Theodore and is dotted with many coal mines operated by multiple mining companies.

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