Saleable coal output topped 123.5 million tonnes for the year, up 15% over the previous corresponding period.
The increase in production and sales is attributable to a recovery in the world steel industry, which has led to an increase in demand for coking coal.
The weak Australian dollar has also made Queensland coal more attractive to international buyers.
“Total exports rose more than 12% to a record 102Mt. Coking coal exports were up more than 17% and thermal coal increased by 2.5%,” State mines and energy minister Tony McGrady said.
Shipments to all regions increased, the major customers being Japan, Korea, India, Taiwan, the United Kingdom and Brazil.
Meanwhile, the coal spot market has begun tightening, with prices rising. The spot price of Australian thermal coal has risen from around US$20 per tonne FOB to $25/t. About 10% of Australian coal is traded on the spot market.
The current Japan-Australia contract price for thermal coal in 2000-2001 is US$28.75/t, about $5/t higher than the current spot price. The contract coking coal price is $39.75/t.
