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StumbleuponAustralia's largest coal export terminal at Newcastle will lose around 2 million tonnes of coal exports after a storm and floods halted ship loadings and rail transport, the port operator said.
A couple of coal ships that have already been loaded may leave the port on Tuesday, but rail shipments of coal into the terminal will not resume before Friday due to flooding in the Hunter Valley, a spokesman for Waratah Port Coal Services said.
News of the severe weather prompted a sharp rise in Newcastle prices as shown by flurry of trades on electronic trading platform globalCOAL during the European morning, market sources said.
Coal availability in Asia is extremely tight so any supply interruption will prompt a scramble for replacement tonnage, they said.
Two prompt Newcastle trades took place on globalCOAL at prices up to $1.50 higher than last week's highest trade.
Although the tonnages traded for August loading were very small (15,000 tonnes each), the prices achieved were representative and accurate, market sources said.
The trades were for $61.50 a tonne FOB Newcastle and $61.00.
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