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Across the range of its metallurgical coal products, which also includes semi-hard coking coal and pulverised coal-injection coal, Wesfarmers said the weighted average June quarter prices were 53% higher compared to the first three months of 2011.
Wesfarmers managing director Stewart Butel said about 50% of the hard coking coal tonnage sales in the June quarter were forecast to be at new contract prices.
He also provided an update on the company’s recovery from Queensland’s rough wet season, noting further heavy rainfall occurred during March.
“Curragh metallurgical coal sales volume is now forecast to be at the lower end of the range of 5.8 to 6.2 million tonnes for the 2011 financial year, subject to no further significant wet weather and satisfactory rail and port operations,” he said.
“It is anticipated that force majeure will be lifted for all export contracts in early April.”
Wesfarmers shares are down 1c to $32.77 this morning.
