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NWR cuts coking coal (- 9 %) and coke (-4 %) prices for Q3

NWR cuts coking coal (- 9 %) and coke (-4 %) prices for Q3

22.7.2011 9:22
Autor: Redakce, Patria Online

New World Resources Plc announced today that it has reached agreements with its customers for coking coal and coke sales for the third calendar quarter of 2011. The company also announced production and sales volumes for the second quarter of 2011.

The average agreed price of coking coal for delivery in the third calendar quarter of 2011 is EUR 192 per tonne, a decrease of 9% compared to the second quarter realised price. The move is in line with lower international prices both for hard and semi-soft coking coal, NWR said.

The average price agreed for coke sales during the third calendar quarter of 2011 is EUR 378 per tonne, a decrease of 4% compared to the second quarter realised price „as a result of lower prices for both foundry and blast furnace coke in the European market.“

As previously announced, the average price agreed for thermal coal sales for the calendar year 2011 is unchanged at EUR 71 per tonne, 13% higher than the 2010 average realised price.

All of the announced prices are based on an exchange rate of CZK/EUR of 24.30. Prices are expressed as blended averages between the different qualities both for coal and coke and are ex works.

In H1 2011, NWR produced 5.8 million tonnes of coking and thermal coal and 400,000 tonnes of coke. By the end of June, NWR sold 5.4 million tonnes of coal and 321,000 tonne of coke.

NWR has also confirmed the intention to produce 11 million tonnes of coal and 800,000 tonnes of coke this year. NWR expects to sell 10.3 million tonnes of coal this year, with even split between coking and thermal coal. It also plans to sell 720,000 tonnes of coke.

NWR is to release its business results for Q2 on August 24.


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