Queensland, the epicenter of the flooding, provides half of the world?s supply of coking coal, a crucial ingredient in the manufacturing of steel. [ Mines in the area are paralyzed by the heavy rains and may remain idle for many months.
The huge floods sweeping across northeast Australia could have a significantly negative impact on the global steel industry. Queensland, the epicenter of the flooding, provides half of the world?s supply of coking coal, a crucial ingredient in the manufacturing of steel. Mines in the area are paralyzed by the heavy rains and may remain idle for many months. According to Bloomberg, Daniel Brebner, a London-based analyst with Deutsche Bank AG, said ?both coking coal and thermal coal are impacted, however coking coal may be more critical as Australia is the key global seaborne supplier. It is possible that, with constraints also for high-rank thermal, steel producers in China and elsewhere might have to lower steel production as a consequence, thereby putting pressure on iron-ore pricing.?
The floods in Australia habe been blamed on La Nina and climate change.what is the La nina phenomenon? Weegy:
The La Nina phenomenon has to do with the sea surface temperatures in the eastern and central area of the tropical Pacific Ocean. The La Nina is usually described as a cooler than average sea surface temperature in this area of the Pacific. [ The La Nina phenomenon is known to occur every few years in this area and beyond, and it is known to last anywhere from a few months to as long as two years or so.
La Niña is a climate phenomenon, the sister event of El Niño. Where El Niño left drought, La Niña causes floods, massive cyclones, endless rain. La Niña is in character the total opposite to her brother - the other half of the Southern Oscillation puzzle.
During a La Niña year a massive "warm pool" builds off north-eastern Australia in the Coral Sea.