GLCNF - Australia floods lead to national emergency coal terminal declares force majeure

Australia declared a national emergency Wednesday, in response to devastating floods along the east coast. Port Kembla coal terminal declared a force majeure, after floods disrupted loadings. Kembla services a number of producers, including Peabody (NYSE:BTU) and Glencore (OTCPK:GLCNF). The seaborne thermal coal market is already tight, with Russian export curtailments contributing to record prices:  With sky high prices, reduced Russian volumes, and fewer Australian loadings, traders and utilities are laser focused on the potential for a temporary export embargo from Indonesia, the world's largest producer of thermal coal.

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Australia floods lead to national emergency, coal terminal declares force majeure