Anglo American expects seaborne met coal demand to rise 8% in 2014

Anglo American expects demand for seaborne metallurgical coal to rise by 8% year-on-year in 2014, it said in its preliminary annual results on Friday February 14.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

Seaborne metallurgical coal demand is expected to increase to around 305 million tonnes, the miner said.

Anglo American expects coking coal prices to remain subdued in 2014, however.

“US exports are starting to reduce in response to lower prices; however, record Australian production has more than offset any reductions,” it said, with further output awaited from greenfield projects in Australia in the second half of the year.

Anglo American posted an 89% year-on-year drop in underlying profits in its metallurgical coal business in 2013, despite record production.

Seaborne coking coal prices are at their lowest level since 2009, Standard Bank analysts said on Wednesday February 12.

Metal Bulletin’s daily hard coking coal index stood at $114.34 per tonne fob Australia on Friday.

Anglo American’s fully-owned Grosvenor coking coal project in Australia is on track to reach longwall production by 2016.

What to read next
Steel trading and production have come to a halt in the eastern Turkish region of Iskenderun following a devastating earthquake that hit the region on Monday February 6 and put mills in the area under force majeure, sources told Fastmarkets on Tuesday
A 120-day closure of four Illinois dams scheduled for 2023 will disrupt barge shipments and have potentially both negative and positive impacts on scrap and finished steel products from Canada to Texas
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
Electrolysis processes developed by Boston Metal and Electra that eliminate the need for coal in steel production could be key to a net-zero emissions future for the metallics industry, attendees learned at Fastmarkets’ conference on January 17-19 in Dallas
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.