Courtesy of ANZ:
April Newc coal prices rose USD1.50 to USD94.75/t, while spot coking coal traded at over USD167/t after flooding in Queensland’s coalfields. The Bowen Basin was hit by between 200 and 400 millimetres of rain, but the disruptions are not as widespread as the “Big Wet” of 2011. Even so it may take several weeks for operations to return to normal and the flooding will support prices of thermal and metallurgical coal in the near term. Spot 62% iron ore fines were steady around USD148.60/t, but the higher cost of coking coal could limit further upside for ore to below the recent highs near USD160.