US met coal exports to fade over the rest of 2013: analyst

Jun 25, 2013 | 04:28 PM | Corinna Petry

Tags  metallurgical coal, exports, Asian demand, benchmark price, competition, IHS McCloskey coal conference, Cowan & Co., Daniel Scott equities analyst

CHICAGO — U.S. coal exports, including metallurgical coal, have made steady inroads into the Asian market since 2007, with metallurgical coal accounting for two-thirds of that growth in the past five years.

But a U.S. commodities analyst suggests that growth will fade over the course of the year.

U.S. coal exports are "likely to fall meaningfully" in the second half of the year, Cowan & Co. equities analyst Daniel W. Scott said during the IHS McCloskey Coal USA conference June 19-21 in New York.

In a June 24 report summarizing the conference, Scott said this expectation was the largest takeaway from the event.

"Speakers from Walter Energy (Inc.) to Peabody (Energy Inc.) ... noted that the global seaborne coking coal market is oversupplied, even with current benchmark at $172 (per tonne)," he said.....

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