FILE PHOTO: Workers operate loaders
unloading imported coal at a port in Lianyungang, Jiangsu province, China
December 5, 2019. REUTERS/Stringer
(This Jan. 23 story has been corrected to
specify Australian coking coal in paragraph 3 and tweaks phrasing in lead and
headline)
Australia's Coronado Global Resources said
on Tuesday that China resuming metallurgical coal imports would likely push
sea-borne coal prices higher in the short term, with strong realised prices in
2022 boosting its annual revenue.
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The comments come after China, Australia's largest coal importer and trade
partner, earlier this month lifted an unofficial ban on coal imports and others
commodities from Australia after a nearly three-year long geopolitical tussle.
The Brisbane, Queensland-based miner, which
has not typically sold Australian coking coal to China, said last week it had
received enquires for long-term supply as Beijing lifted its ban.
"Coronado expects Australian
metallurgical (met) coal imports to China to return in 2023 and displace lower
quality and higher cost Chinese domestic or U.S. met coal production,
particularly to the Chinese steelmakers in southern regions," the company
said.
Chief Executive Officer Gerry Spindler said
he expects met coal prices to remain above historical averages throughout 2023
due to the ongoing trade constraints for Russian coal and elevated thermal coal
demand and prices.
The coal miner posted annual revenue of
$3.57 billion, 66 per cent higher than last year with average realised prices
more than doubling to $303.1 per tonne.
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