More good short term news for the price of coking coal.
Glencore to delay coking coal shipments after Australia train accident
MELBOURNE, Sept 15 (Reuters) - Glencore will have some "short-term" delays in its coking coal shipments after a train derailment on freight operators Aurizon Holdings (AZJ) train system in Queensland, Australia, on Sunday, the miner and trader said on Thursday.
The Pacific National coal service derailment has disrupted coking coal shipments from Queensland's Bowen basin, which could add further heat to prices that have nearly doubled since the start of August.
"The market is extremely tight at the moment so any lost tonnes at all are having an outsize impact on pricing,” said head of resources research Andrew Driscoll at CLSA in Hong Kong.
The spot price of Australian premium hard coking coal <.PHCC-AUS=SI> has surged from $83.40 a tonne on May 31 to $196 on Sept. 14, making it the best performer among significant commodities.
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