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This is $9 lower than the benchmark price of $120 per tonne for the April to June period, which itself is down from $143 per tonne in the previous quarter. Curragh is usually settled at just $5 below the benchmark.
The weighted average price for Curragh’s hard coking coal, semi-hard coking coal and pulverised coal injection (PCI) coal will fall by 16% from the previous quarter, according to the statement.
“Approximately 75% of deliveries in the April to June 2014 quarter are forecast to be at the new contract prices with the balance at carry over prices, and subject to actual contract deliveries for the April to June 2014 quarter,” Wesfarmers said.
The company produced 2.375 million tonnes of metallurgical coal from Curragh during the first three months of this year, up 17.1% from the December 2013 quarter.
Wesfarmers Resources has settled the second-quarter contract price for its Curragh hard coking coal at $111 per tonne fob Australia, the miner said on Tuesday May 6.