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Teck Resources Cuts Coking Coal Guidance

Coal News - Published on Wed, 26 Feb 2020

Image Source: The Globe & Mail
Teck Resources said that it will temporarily cut production and shut down its Neptune shipping terminal in British Columbia mainly because the coronavirus had weakened short-term demand. Teck said “Given the potential for weaker demand in the short-term due to the effects of the coronavirus and the high inventory levels due to rail and port constraints, we are choosing to temporarily reduce production. The extent and duration of impacts that the coronavirus may have on the demand and prices for our commodities, on our suppliers and employees, and on global financial markets is not known at this time, but could be material.”

Teck cuts guidance for Q1 steelmaking coal sales to 4.8-5.2 million tonnes from its previous estimate of 5.1-5.4 million tonnes, citing weather-related rail and terminal disruptions in British Columbia. The company also forecasts FY 2020 steelmaking coal production of 23-25 million tonnes, while copper output is seen at 285K-300KT, similar to 2019 production levels.

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Posted By : Nishith Sharma on Wed, 26 Feb 2020
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