NWR settles Q2 average coking coal price 6% lower at $117 per tonne

Central European coal producer New World Resources has agreed the average price for coking coal deliveries in the second quarter of 2014 at €85 ($117) per tonne ex-works.

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The price is 6% below the realised price of €91 ($126) per tonne in the first quarter of this year, NWR said on Thursday April 24.

Anglo American and Nippon Steel & Sumitomo Metals Corp (NSSMC) settled the second-quarter hard coking coal benchmark price late last month at $120 per tonne fob Australia, down from $143 per tonne in the first quarter.

NWR’s coking coal deliveries in the April-June period are expected to comprise 47% mid-volatility hard coking coal, 44% semi-soft coking coal and 9% pulverised coal injection (PCI) material.

The Prague-, Warsaw- and London-listed company sold 1.243 million tonnes of coking coal in the first quarter, compared with a reported 1 million tonnes of coking coal sold in the corresponding period last year.

Earlier this week, NWR mining subsidiary OKD said that it will submit a proposal to the Czech state for terms to close its Paskov coking coal unit as the company seeks to improve profitability amid wider cost-cutting plans.

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