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Glencore coking coal shipments delayed after Australia train accident

Sep. 15, 2016 12:47 PM ETGlencore plc (GLCNF) StockBHP, GLCNF, GLNCYBy: Carl Surran, SA News Editor
  • Glencore (OTCPK:GLCNF, OTCPK:GLNCY) says it will have some short-term delays in its coking coal shipments from Queensland's Bowen basin in Australia after a train derailment over the weekend, which could further propel coal prices that have nearly doubled since early August.
  • The freight operator says the derailment caused major infrastructure damage but expects service to resumed on Sept. 19.
  • BHP Billiton (NYSE:BHP), which is among the coal miners operating in the Bowen region, says any impact on its operations would be reported in its next quarterly review.
  • Prices for coking coal, used primarily to heat iron ore during steel making, already have more than doubled since the end of May, partly on large curtailments of China's supply.

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