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Coal Companies Cut Production to Boost Metallurgical Coal Prices
May. 02, 2014 10:46AM PST
Industrial MetalsReuters reported today that coal miners such as Alpha Natural Resources Inc (NYSE:ANR) and Walter Energy Inc. (NYSE:WLT) have lowered production forecasts for metallurgical coal to decrease supply in hopes for a rise in prices. Arch Coal Inc. (NYSE:ACI) has also reduced its sales forecast for metallurgical coal, according to Reuters.
Reuters reported today that coal miners such as Alpha Natural Resources Inc (NYSE:ANR) and Walter Energy Inc. (NYSE:WLT) have lowered production forecasts for metallurgical coal to decrease supply in hopes for a rise in prices. Arch Coal Inc. (NYSE:ACI) has also reduced its sales forecast for metallurgical coal, according to Reuters.
As quoted in the publication:
Coal companies have been idling high-cost mines as the two-year long slump in metallurgical, or steelmaking, coal prices was compounded by weak demand from Europe and Asia, especially China. However, Alpha Natural on Thursday said the supply crunch would help metallurgical coal prices improve later this year and into 2015, sending the stocks of U.S. coal companies higher, led by a 6 percent rise in Alpha Natural’s shares.
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