Investor Presentaiton
Mitsubishi Corporation
(mil. mt)
40.0
Metallurgical Coal Business Mineral Resources Group
BMA Annual Production and Sales Volume (50% Basis)
Jan-Mar
•
May 9, 2023
Mitsubishi Corporation
BMA production in Jan-Mar 2023 decreased by 13% to 6.9 mil.
mt on a year on year basis.
⚫ The decrease was due to the impact of significant wet weather,
partially offset by continued improvement in underlying truck
productivity as well as reduced COVID-19 related labour
constraints.
■Apr-Jun
Jul-Sep
Oct-Dec
31.7 31.2
30.2 29.5
28.7 28.1
30.0
7.7
7.9
7.9
7.6
6.9
6.1
20.0
7.5
7.4
6.3
6.0
7.0
7.0
7.4
7.2
6.7
6.7
6.7 6.4
10.0
9.1 8.7
9.3 9.2
8.2
8.6
US$/A$
Period
0.0
Production Sales
FY2020
Production Sales
FY2021
Production Sales
Average Rate
FY2020
1Q-4Q
0.7186
FY2021
1Q-4Q
0.7392
FY2022
1Q 1-2Q 1-3Q 1-4Q
0.7150 0.6991 0.6849 0.6849
FY2022
AUS/USD Average Exchange Rate (*)
* Due to rounding, the quarterly figures do not necessarily add up to the total annual figures.
Source: Mitsubishi UFJ Research and Consulting
*The above exchange rates differ from the effective rates applied to MDP's transactions.
Price Trend of Hard Coking Coal
(US$/t)
CFR China
FOB US
FOB Australia
800
700
600
500
400
300
200
100
0
Apr-21 Jul-21
Oct-21
Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23
Source: S & P Global Platts, O 2022 by S & P Global Inc. Platts, Argus Media Limited
Copyright 2023 Mitsubishi Corporation
Although the FOB Australia price spiked above US$600/t in March
2021, the seasonal slump in steel materials demand had brought
down the price to slightly below US$490/t by the beginning of
FY2022 (April 1, 2022-).
After the price fell further to near US$190/t in August due to lower
demand, various supply issues in Australia and Canada that started
in September caused the price to recover to near US$310/t by
November. The gradual lift of China's restrictions on Australian coal
imports in early 2023 helped to bring the price up further to
US$390/t by mid-February.
In mid-March 2023, the Australian Bureau of Meteorology
announced the end of La Niña. Favorable weather conditions led to
the improvement in the operations of major metallurgical coal mines,
resulting in the softening of supply/demand balance and market
sentiment. Such factors have led the prices to drop to around
US$250/t as of end of April.
40View entire presentation