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Under 13 Red Team Award winners csg Club Persons of the Year were Roydon Brown, Shane Pingel, Merry and Allan Pidgeon Aboutusgenericimage_3 Aboutusgeneric_2 fifo csg Under 17 Girls team Port Under 17 boys Award winners Under 6 team President of Junior Crushers Sean Daly with Special Guest Nick Cotric who was named Rookie of the Year for Canberra Raiders mine Jo-Anne Burke, DB Scaffolding; Susan McGuire, Mayogroup kaleb and Gino
Under 13 Red Team Award winners csg Club Persons of the Year were Roydon Brown, Shane Pingel, Merry and Allan Pidgeon Aboutusgenericimage_3 Aboutusgeneric_2 fifo csg Under 17 Girls team Port Under 17 boys Award winners Under 6 team President of Junior Crushers Sean Daly with Special Guest Nick Cotric who was named Rookie of the Year for Canberra Raiders mine

Thermal coal prices rise
IT’S not much, but better than the alternative.
Wednesday 19 November 2014  

IT MIGHT be a small ray of hope in what is an otherwise stubbornly bleak outlook, but there has been a slight rise in the price of thermal coal selling on the spot market.

The price of coal set for delivery in December was up $0.30 to $63/tonne and up $0.20 to $63.10 for coal delivered in January.

While moving in the right direction, the prices remain half of where they were two years ago.

According to a report from Reuters, the higher prices at the end of last week reflect a slight shortage of coal for quick delivery.

“Most large buyers of coal were well stocked, having built up inventories over the past few months during five-year price lows for many contracts, which means less stock is immediately available for short-term buyers,” the report read.

“There isn’t as much availability in the prompt and short-term contracts, which has lifted prices a little, but fundamentally the market is still depressed.”

The rises happened at the same time as Glencore (formerly Xstrata), announced it would shut its Australian mines down for nearly a month in December, forcing around 8000 workers to take leave.

According to Glencore the decision to pause production is an attempt to reduce the flow of new coal onto an already over supplied market.

“This is a considered management decision given the current oversupply situation and reduces the need to push incremental sales into an already weak pricing environment,” Glencore said in a statement.

“We remain confident in demand growth for our products and believe that the supply and demand balance will be restored in the medium term.

“The shut downs will result in reduced output of about five million tonnes from our Australian assets.”

Local miners at Collinsville, Oaky Creek, Newlands, Rolleston and Clermont coal mines will be affected by the decision.


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