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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 Enlarge (Photo: Reuters / Daniel Munoz ) A flooding sign is seen partially submerged in floodwaters in Rockhampton Share
This Story 1 inShare Related Articles U.N.Condemns North Korea Rocket Launch; Kim Jong-un Praises Military Google’s Sergey Brin: Apple and Facebook Threaten Internet Freedom Earnings Preview: Intel’s 1Q Report To Set Chip Tone 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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Expert answered|selymi|Points 7962|
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Asked 4/16/2012 11:27:12 AM
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