Wesfarmers Resources managing director Stewart Butel said the coal pricing outcome for Curragh’s range of metallurgical coals was in line with recent market price settlements, which have been impacted by a downturn in the Chinese steel industry.
“Price negotiations for the July to September 2015 quarter for metallurgical coal exports from Wesfarmers Resources’ Curragh mine in Queensland’s Bowen Basin have now been concluded with the majority of customers,” the company said.
“For the July to September 2015 quarter, the weighted average $USFOB for new contract prices of Curragh metallurgical coal (hard coking, semi coking and PCI) will decrease by approximately 15% as compared to the April to June 2015 quarter prices.”
About 70% of deliveries in the July to September 2015 quarter are forecast to be at the new contract prices with the balance at carry over prices, and subject to actual contract deliveries for the July to September 2015 quarter.
