Weekly global coal market news summary (Nov 6-Nov 10)

sxcoal.com General 2017-11-10 14:12:00

Mitsubishi, Sumitomo raise profit forecasts on strong coal prices

Japanese trading houses Mitsubishi Corp and Sumitomo Corp on November 6 lifted their net profit estimates for the current financial year by as much as 22%, spurred by higher prices of commodities such as coking coal.


Three out of Japan's top five trading firms — Mitsubishi, Sumitomo and Itochu Corp — are now predicting record annual profits.


Russia coal output rises 6.8% YoY in Jan-Oct

Russia produced 336 million tonnes of coal in total over the first ten months, 6.8% more than the same period last year, showed data from Energy Ministry of Russian Federation.


In October, Russia's coal output amounted to 36.48 million tonnes, up 9.06% from a year ago and 3.69% from a month ago, data showed.


Coal India to achieve FY18 target of 600 mln T

Coal India is fully geared up to achieve the FY2017-18 production target of 600 million tonnes, according to Gopal Singh, chairman and managing director of Coal India.


Singh expressed the demand for coal is picking up which is reflected in the core sector data showing a growth of 10.6%. Depending on the demand for coal, the company will increase the offtake for coal.


Glencore extends lockout at Australia coal mine as talks stall again

Glencore has extended a lockout of 190 workers at a coal mine in eastern Australia for a further two weeks after the latest attempt to end a long-running labour dispute failed, the company and a trade union said on November 8.


The Oaky North mine is largely being operated by non-union staff and contractors during the lockout, which started in June, with no impact on production, said Glencore spokesman Francis De Rosa.


Noble Group's debt plans in focus as company set to report big loss

Noble Group's strategy to service its debt and turn around its businesses will be in the spotlight on November 9 as the commodities trader prepares to unveil a massive quarterly loss, hit by one-time charges.


The Singapore-listed company, once among the world's biggest traders, is shrinking to an Asian-centric firm focused mainly on coal and LNG, after slashing jobs and selling assets to cut debt and emerge from two years of crisis.


Columbia Sep coal exports surge 86.47pct on yr

Coal-rich Columbia exported 12.25 million tonnes of coal in September, up 86.47% from the preceding year and 40% month on month, showed data from Columbia National Department Administrative of Statistics.


In September, Columbia's coal exports valued $834 million, growing 132.89% year on year and 48.93% from August.


China Oct coal imports from Gladstone port up 39% YoY

China's coal imports from Australia's Gladstone port increased 39% year on year and up 32% month on month to 1.21 million tonnes in October, showed data from Gladstone Ports Corporation.


Total coal exports through Gladstone stood at 5.79 million tonnes in the same month, rising 7.72% over the year and dipping 1.7% over the month.


(Writing by Zoey Yan  Editing by Jessie Jia)
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