New York (Platts)--6May2011/610 am EDT/1010 GMT
Brazil-based miner Vale's coal assets -- most of them in Australia -- were negatively affected by adverse weather conditions, Vale noted in its Q1 earnings report Thursday. During the first quarter, total coal shipments reached 1.305 million mt, 31.3% lower than Q4 2010's 1.899 million mt. Coal shipments in Q1 2011 included 476,000 mt of metallurgical coal, down 24% from 624,000 mt a year ago, and down 57% down from 1.106 million mt shipped in Q4 2010. Vale shipped 829,000 mt of thermal coal in Q1 compared with 912,000 mt a year ago. The Bowen Basin, in Queensland, Australia, is where a large part of Vale's production is sourced and it was impacted by the rainfall that curtailed mining activities. "Moreover, there were operational problems at Integra Coal, in New South Wales, Australia," Vale explained in its Q1 report. Article continues below... Request a free trial of: Steel Markets Daily Steel Markets Daily provides readers worldwide with price benchmarks, news, and market commentary on steel, one of the world's most strategic commodities. With 21 Steel and Ferrous Scrap price assessments published daily and global coverage of news and markets, you can make critical decisions with complete confidence.
Brazil-based miner Vale's coal assets -- most of them in Australia -- were negatively affected by adverse weather conditions, Vale noted in its Q1 earnings report Thursday. During the first quarter, total coal shipments reached 1.305 million mt, 31.3% lower than Q4 2010's 1.899 million mt. Coal shipments in Q1 2011 included 476,000 mt of metallurgical coal, down 24% from 624,000 mt a year ago, and down 57% down from 1.106 million mt shipped in Q4 2010. Vale shipped 829,000 mt of thermal coal in Q1 compared with 912,000 mt a year ago. The Bowen Basin, in Queensland, Australia, is where a large part of Vale's production is sourced and it was impacted by the rainfall that curtailed mining activities. "Moreover, there were operational problems at Integra Coal, in New South Wales, Australia," Vale explained in its Q1 report.
Article continues below...
Steel Markets Daily provides readers worldwide with price benchmarks, news, and market commentary on steel, one of the world's most strategic commodities. With 21 Steel and Ferrous Scrap price assessments published daily and global coverage of news and markets, you can make critical decisions with complete confidence.
Revenue from sales of coal products reached $154 million in Q1 2011, a quarter-on-quarter decrease of 36.2%. Revenue from metallurgical coal amounted to $87 million, down 54.5% on a quarterly basis. Vale said its average sales price of metallurgical coal in the first quarter was $183.70/mt, 6.6% higher than Q4 2010.--Joe Innace, joseph_innace@platts.com
@PlattsMetals on Twitter @PlattsCoal on Twitter