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Bloomberg reported that Teck Resources’ Q3 profits fell sharply by 78 percent, under downward pressure from falling steelmaking coal prices.
Bloomberg reported that Teck Resources’ Q3 profits fell sharply by 78 percent, under downward pressure from falling steelmaking coal prices.
As quoted in the market report:
Prices for metallurgical coal, used by steelmakers, have dropped this year as Asian growth slowed and global demand eased. Benchmark contract prices for the fourth quarter fell to $170 a metric ton from $225 in the previous quarter, Orest Wowkodaw, a Toronto-based analyst at Canaccord Financial Inc., said in a Sept. 16 note.