Patriot Coal and Peabody Energy Benefit From Favorable Pricing Environment
14 September 2011 - 2:16PM
Marketwired
Coal producers are benefitting from skyrocketing demand and
improved pricing of late. Meanwhile, Coal shortages in China and
India are directly assisting US exporters and have played a major
role in the better pricing environment. The Bedford Report examines
the outlook for companies in the coal industry and provides equity
research on Patriot Coal Corporation (NYSE: PCX) and Peabody Energy
Corporation (NYSE: BTU). Access to the full company reports can be
found at:
www.bedfordreport.com/PCX
www.bedfordreport.com/BTU
A recent note from Deutsche Bank this summer argues that Chinese
thermal coal imports will stabilize at around 100 million tonnes a
year instead of rising, as previously expected, because of
improvements to the country's own coal output and rail capacity.
Xinjiang province is the key developmental area in the next 10
years for the Chinese coal industry as its coal resources amount to
roughly 40 percent of the national total.
Deutsche Bank said that despite higher total demand, Chinese net
imports in the first five months of this year were between 5
million and 11 million tonnes a month -- down from the year
earlier.
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In the recent quarter Peabody signed an agreement to develop a
huge Chinese surface mine expected to produce 50 million tons of
coal a year for decades. The coal producer predicted strong results
for the rest of 2011, as it undertakes what it called its biggest
global expansion in its 128-year history.
Patriot Coal Corporation ships to domestic and international
electricity generators, industrial users and metallurgical coal
customers, and controls approximately 1.9 billion tons of proven
and probable coal reserves. Patriot is coming off a quarter that
saw revenue climb 17.3% on a year over year basis.
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