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Stocks P / Peabody Energy
|Subject: Global Coal Demand May Lift U.S. Cos.||Date: 9/14/2007 8:27 AM|
|Author: captainccs||Number: 88 of 108|
Global Coal Demand May Lift U.S. Cos.
Friday September 14, 5:52 am ET
Rising Global Coal Demand Seen Lifting U.S. Mining Companies
NEW YORK (AP) -- There are signs of hope for U.S. coal miners that have endured a year of rising costs and depressed coal prices.
Strong international demand appears likely to help tighten the U.S. coal market by the middle of next year, according to market participants.
A key driver of this demand has been China's emergence as a net importer of coal in 2007. The country is firing up a new coal-burning plant each week, and this growing appetite has devoured coal from Australia, South Africa and other suppliers that would normally ship to European markets. Some European consumers have therefore turned to U.S. suppliers to replace coal that is now too expensive to ship all the way from Asia.
I understand that Peabody mines metallurgical coal for sale to China.
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