Glencore slashes coal output

Friday 27 February 2015

This is interesting from Bloomie, Glencore is to cut Australian coal exports by 15 million tonnes in 2015.

This represents 16% of Glencore’s projected Australian output and 6% of total Australian exports. 15mt is roughly 1.4 of the global traded coal market.

Any implications? Prices have been up the last few weeks as China restocks, passing $67:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.