Australian coal ship queues rise on port woes, demand
Vessel queues outside key Queensland ports continue to grow, as Dalrymple Bay Coal Terminal (DBCT), Hay Point and Abbot Point work to recover from last week's rain deluge and demand for metallurgical coal recovers on China's reopening.
There were 52 vessels waiting off the adjacent ports of DBCT and Hay Point on 23 January and 12 off Abbot Point, despite deliveries having restarted to the ports on 18 January. This is unusually long and compares with averages of around 24 vessels at DBCT and Hay Point, along with three at Abbot Point over the past year.
Even the 102mn t/yr Gladstone, which escaped the worst of the deluge that hit Mackay, has a queue of 34 vessels compared with 23 on 16 January.
Several firms with Australian coal mining operations have confirmed that they have been approached by Chinese buyers looking to secure mostly metallurgical coal in response to Beijing's easing of import restrictions on Australian coal. US firm Coronado said it has had enquiries, while many others are waiting to see how easily the first few cargoes are unloaded in China before making any announcements on sales.
The potential of China returning to buying Australian coking coal has also led other Asian buyers to look to secure tonnage more promptly than they might have otherwise.
The 85mn t/yr DBCT and 55mn t/yr Hay Point ports, which were close to the centre of the Mackay storms over 14-17 January, are having to rebuild some stocks that were damaged in the storm so that they can drain properly ahead of loading. DBCT has declared force majeure and told customers that it could take between 10-14 days for stockpiled coal to dry, Australian coal producer Bowen Coking Coal said on 20 January.
The BHP Mitsubishi Alliance port of Hay Point had six bulk carriers leave its berths between 19-23 January, while and DBCT only restarted shipping on 21 January and has had four ships leave between then and 23 January, according to Queensland government data. The last ship to depart Hay Point prior to the storm left on 13 January and DBCT on 15 January.
The 50mn t/yr Abbot Point had a ship depart on each of 21, 22 and 23 January, while the previous one to those was on 14 January, according to the Queensland government data.
Argus last assessed the pulverised coal injection (PCI) grade price at $311.27/t fob Australia on 20 January, up from $177/t on 2 August but down from $396/t on 4 May last year. It assessed premium hard low-volatile metallurgical coal price at $323.85/t fob Australia on 20 January, up from $253.30/t on 9 December and from $320.80/t on 4 November.
Argus last assessed high-grade 6,000 kcal/kg NAR thermal coal at $361.92/t fob Newcastle on 20 January, down from $410.17/t on 9 December and from a peak of $444.59/t fob on 9 September. It assessed low-grade 5,500 kcal/kg NAR thermal coal at $136.12/t fob Newcastle on 20 January, down from $199.12/t fob on 9 September 2022.
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Canadian rail workers vote to launch strike: Correction
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Japan's trading firms see metals prices cutting profits
Japan's trading firms see metals prices cutting profits
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US southbound barge demand falls off earlier than usual
US southbound barge demand falls off earlier than usual
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G7 coal exit goal puts focus on Germany, Japan and US
G7 coal exit goal puts focus on Germany, Japan and US
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