The floods in Queensland, Australia, are taking more than a human toll, tragic as that is.Consumers in Asia will have to pay higher prices for coking coal as the floods could remove some 14 million tons of coking coal from world markets out of a forecast annual seaborne volume of 259 million tons in 2011 – some 5 percent of global supply, a Reuters article reports. More than half the world’s metallurgical coal exports come from Australia and roughly 90 percent of that comes from Queensland, mostly the Bowen Basin.
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Source: MetalMine
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