According to the Bureau of Meteorology said posing a threat to recovery of coal supplies from the region this year that the chance of above median rainfall in the coal-producing Bowen and Galilee basins in Queensland is about 60% to 70%.
Maps released as part of the bureau seasonal outlook for October to December this year showed most of the Bowen with a 65% chance of above-median rainfall while the developing Galilee basin has a 70% chance of above median rains.
Heavy rainfall throughout the last southern tropical wet season caused severe disruptions to Queensland coal exports with knock on effects in the global markets for coking coal and the steel which uses it as a raw material.
Australia accounts for about 56% of coking coal traded by sea with the Bowen accounting for the vast majority of that total and the previous year rains caused the price of premium hard coking coal to spike 50% as high as USD 330 a tonne.
According to CoalPortal coking coal is trading around USD 285 per tonne at Australian ports.
Around 350 millimeters of rain fell at Moranbah at the heart of the Bowen during peak months during the 2010-11 and 2007-08 wet seasons. The bureau rainfall outlook suggests that isn't yet likely with the chance of at least 200 millimeters of rain little over 50% for October to December in most parts of the Bowen.
(Sourced from www.theaustralian.com.au)
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