Steel Price Surges As Cyclone Debbie Hits Australia

Australia has been hit by cyclone Debbie last month. The cyclone has neutralised export activities at major mines & ports in Australia.

This has created an adverse impact on the prices of coking coal which have gone up, as much as USD 300 per tonne and are expected to rise further, as opined by experts in the field on a national news portal.

Shipments of 13 million tonnes of coking coal from Queensland, accounting for 50% of the global coking coal supply are expected to be delayed. Various large vessels are waiting in queue to load coal from the ports.

The prices of coal in India are set to become dearer as almost all major steel makers import most of their coking coal from Australia.

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