Teck’s coal sales for the quarter has been within expectations according to an update from the company.
The company sold approximately 6.3 million tonnes of steel-making coal between April 1 and June 30 – within the lower end of sales forecasts, which were set at between 6.3 and 6.7 million tonnes in the Q1 quarterly report from April 26.
The company had upped the expected sales forecast for the division on the back of upgraded logistics to get more product to ports. The company had been experiencing some backlog of product due to disruptions to transportation networks in B.C. at the end of 2021.
Average realized steel-making coal prices also surged in the quarter, up to US$453 per tonne. In Q1, the average realized price was US$357 per tonne.
The high prices didn’t stick around however, with coal prices declining towards the end of Q2.
The company’s full financial results for Q2 will be released on July 27, and will detail the company’s fortunes following a record Q1.
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