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Global miner Yancoal Australia's raw coal output hit 11.00 million tonnes on an equity basis over the first quarter (January-March) in 2024, increasing 33% year on year yet falling 18% from the previous quarter, according to the company's statement.
Attributable salable coal production stood at 8.80 million tonnes, up 47% year on year yet down 9% from Q4 2023.
In 2024, Yancoal Australia aims to produce 35-39 million tonnes of attributable salable coal, the company said.
Over the reporting period, the company's attributable sales were 8.30 million tonnes, up 41% year on year (YoY) yet down 18% quarter on quarter (QoQ), data showed.
Among them, thermal coal sales were 7.30 million tonnes, up 55% YoY yet down 16% QoQ. Metallurgical coal sales were 1.00 million tonnes, declining 17% YoY and 29% QoQ.
The company's average realized price came in at A$180/t, declining 48% YoY and 8% QoQ. Metallurgical coal average realized price declined 13% YoY yet rose 14% QoQ to A$334/t. Thermal coal average realized price stood at A$159/t, down 53% YoY and 12% QoQ.
Over January-March, Yancoal's attributable sales were 0.50 million tonnes less than its output, offsetting the stockpile depletion in the previous session, partly due to nearly full production capacity at Moolarben mine during the quarter. The Ashton longwall also restarted operations following the flooding accident in mid-2023.
The thermal coal market remained relatively stable, despite weakened demand due to warm winter temperatures in the northern hemisphere. The earthquake and unplanned shutdowns of coal-fired power plants in Japan weighed on demand during the given period, the company's CEO noted.
Nevertheless, rising coal demand in India and decent exports provided support for the market, he added.
In terms of the metallurgical coal market, cyclone affected Australian exports earlier in Q1, but the disruption was short-lived. The bridge collapse at Baltimore posed limited impact on USA coal exports.
But slack economy dampened steel demand in North Asia and Europe. India also saw deteriorated steel needs, slightly pressing down metallurgical coal indices. The overall market was not overly imbalanced.
Yancoal's CEO stated that the company's large-scale and low-cost coal production profile was well suited to the current coal market, making the company take quick actions when suitable growth opportunities arise.
(Writing by yan.sun Editing by Alex Guo)
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