how did the flooding in austrlia have a negetive effect on steel manufacture worldwide
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.
(Photo: Reuters / Daniel Munoz ) A flooding sign is seen partially submerged in floodwaters in Rockhampton
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(Photo: Reuters / Daniel Munoz )
A flooding sign is seen partially submerged in floodwaters in Rockhampton
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Over the past three weeks, the global spot price of coking coal produced in Queensland has spiked to $253 per tonne from $225 in the past three weeks. (During the last major flood in the area in 2008, price of coking coal peaked at $305 per tonne.)
"We have three-quarters of all of our coal fields unable to operate and unable to supply markets," said Queensland’s Premier Anna Bligh. "There is likely to be a significant long-term effect of that, not only national but internationally.”
Railroad lines which carry the coal to ports for export have also been flooded out. ]
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Asked 4/16/2012 11:27:12 AM
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