Australia's Coronado Global sees coal prices rising on resuming China imports

Australia's Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices higher in the short term, with strong realised prices in 2022 boosting its annual revenue.

The Brisbane, Queensland-based miner, which has not typically sold coking coal to China, said last week it had received enquires for long-term supply as Beijing lifted its unofficial ban on coal imports from Australia. Chief Executive Officer Gerry Spindler said he expects met coal prices to remain above historical averages throughtout 2023 due to the ongoing trade constraints for Russian coal and elevated thermal coal demand and prices.

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