SOURCE: Industrial Info Resources

March 12, 2008 05:00 ET

Queensland Flooding Squeezes Coking Coal Past $300 Mark for Asian Steel Mills, an Industrial Info News Alert

JOHANNESBURG, SOUTH AFRICA--(Marketwire - March 12, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Merrill Lynch has told clients that flooding in the Bowen Basin of Queensland, Australia, has taken an estimated 15 million tons of coking coal out of the market as infrastructure limitations restrict producers' ability to make up the lost output. As a result, companies such as Xstrata PLC (PINKSHEETS:XSRAF) (Zug, Switzerland) and Rio Tinto's (PINKSHEETS:RTP) (London) Coal & Allied Industries Limited are declaring force majeure on coal deliveries.

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