The value of Australia’s coal exports is forecast to decline sharply

Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls, Guardian, Gareth Hutchens @grhutchens, 2 Oct 2018 The value of Australia’s coal exports is forecast to decline sharply over the next 18 months as thermal coal prices drop 25% and metallurgical coal prices fall 23%.

The decline in the spot price of both products will see their combined export value fall from $60.8bn in 2018-19 to $49.9bn in 2019-20, a deterioration of 18%……..

The figures raise questions about the claim made by the resources minister, Matthew Canavan, in June that “market conditions are right” for Queensland’s Galilee basin to start digging up large amounts of coal. ……..

The shadow energy minister, Mark Butler, said the figures from the June report were being misrepresented.

“Minister Canavan and [the then prime minister, Malcolm Turnbull] may think it’s their job to present this as a booming market but the Australian people, especially those living and working in thermal coal communities, deserve to be treated with respect and intelligence,” Butler said……..https://www.theguardian.com/environment/2018/oct/02/value-of-australian-coal-exports-tipped-to-decline-sharply-over-next-18-months

October 3, 2018 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, business, climate change - global warming

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