Flood has strike Australia's coal producing region. Hence, the price of cooking coal is expected to price hike in future about 30 percent. The cooking coal price could reach $300 a tonne, according to coal analysts and traders.
Cooking coal is an essential ingredient for steel-making. According to sources the flood have hit 40percent of the global coal supply.
Vineet Mehra, director of Stemcor India said, “the floods looked worse than those of 2008, which saw coking coal contracts signed for as much as $365 a ton amidst a generalized spike in commodity prices."