Teck shifts more coal sales to India as uncertainty looms over Chinese imports – by Ian Bickis (Globe and Mail/Canadian Press – April 23, 2019)

https://www.theglobeandmail.com/

Teck Resources Ltd. says it is less exposed to uncertainties on Chinese coal imports after shifting more sales to India.

Last year was the first time India surpassed China as a market for the company’s steelmaking coal, Real Foley, vice-president of coal marketing at Teck, told a conference call with financial analysts Tuesday.

The reduced reliance means the company is less exposed to potential disruptions to imports, as has been reported to be happening with Australian shipments to China.

“If you go back to the peak in 2013, we were selling close to eight million tonnes of our production into China,” Mr. Foley told the conference call to discuss Teck’s latest quarterly results. “Last year we sold less than three million tonnes, and actually, India became a bigger market for Teck, with our sales exceeding four million tonnes.”

Mr. Foley said the company doesn’t know of any official policy, but is aware of reports that coal shipments from Australia have seen longer delays at ports and the issue has spread across the coast of China.

For the rest of this article: https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-teck-resources-beats-profit-estimates-on-energy-business/

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