US-based coal miner Arch Resources is actively exploring opportunities to redirect coking coal to thermal markets, CEOsaid on Thursday, as global prices of thermal coal continue to remain near historic highs.
“We remain staunchly committed to serving the metallurgical needs of our longstanding steel customers, but we are also happy to redirect tons to thermal customers in the absence of more value creating alternatives in the steel arena,” Drexler said.Although stepping down from historic levels achieved earlier this year, coking coal prices remained at constructive and profitable levels, despite recessionary pressures and the knock-on effects thereof on global steel production, Lang added.
Arch expects its coking coal sales volumes to be 7.2-million to 7.6-million tons this year. The company on Thursday again lowered its guidance. Initially, Arch expected to sell between 9-million and 9.8-million tons in 2022, but in July lowered that to between 8.2-million and 8.6-million tons, owing to geological challenges at the Leer South mine and logistics bottlenecks.
During the third-quarter, Arch locked in about one-million tons of coking coal for delivery in 2023 at an average of nearly $190/t. “Given our anticipated cost structure for 2023, this business should equate to a substantial contribution to next year’s cash flows, despite constituting only 10% or so of our projected 2023 metallurgical output,” Drexler said.
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