China’s continuing restrictions on coal imports - especially thermal (steaming) coal have impacted the quarterly pricing of major NSW miner and exporter Whitehaven Coal, even though it doesn’t ship any coal to that country.
Whitehaven Coal topped its full year coal export targets despite port congestion in Newcastle in the final months of 2017-18 which limited sales. But thanks to stronger coal prices, especially for thermal and soft coking coal, the company should report strong earnings next month.
The company has downgraded production guidance, which has disappointed Morgans. Nevertheless, despite concerns about Narrabri's complex issues, the broker is comfortable that these appear to be in hand.