Equity coal sales of Australia's Whitehaven Coal Ltd rose 23% to 4.7 million tonnes in the Q1 of fiscal 2017-18 (September quarter) against the same period a year ago amid strong demand from Asian buyers, Reuters reported on October 12.
The figure topped a UBS forecast of 4.2 million tonnes.
"The higher-quality end of the thermal coal market is experiencing stronger demand as a number of key seaborne end users are changing their quality requirements due to a greater focus on environmental and generation efficiency," said Whitehaven.
The coal burn for electricity generation in China had risen by 8% year on year due to hydropower supply constraints and strength of underlying electricity demand, creating tightness on the supply side, according to the company.
Average price of its thermal coal was sold for an average $91/t over the quarter, said Whitehaven, a 3.2% discount on the quoted average price GCLNWCPFBMc1 of $94/t.
Whitehaven's stock is trading at five-year highs on the back of strong thermal coal prices, which have averaged $92.50/t since October 1, according to Thomson Reuters data.
(Writing by Becky Du Editing by Harry Huo)
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