Teck updates Steelmaking Coal Guidance
Teck is the Kootenay’s largest employer and operates five coal mines in the Elk Valley.
Publisher Note: Here is a recent update from Teck on steelmaking coal prices and volumes. Teck is the Kootenay’s largest employer and operates five coal mines in the Elk Valley.
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today provided guidance for expected realized steelmaking coal price and an update on volumes for the second quarter of 2017.
The second quarter 2017 price for steelmaking coal sold under quarterly contract has been established based on an average of three assessments, which results in pricing of approximately US$190 per tonne. This index pricing mechanism will apply effective April 1, 2017, and for future quarters.
Teck now expects its second quarter average realized coal price to be between US$160 and US$165 per tonne. The differential between the quarterly benchmark price and our average realized price for the second quarter is larger than usual. After steel mills filled their prompt requirements immediately following the Queensland cyclone, there were very few prime hard coking coal spot sales during the four week period from mid-April. Steelmaking coal sales volumes for the second quarter of 2017 are expected to be between 6.8 and 7 million tonnes. Final quarterly sales will depend on timing of shipments.
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.