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MELBOURNE - Macarthur Coal, the supplier of a fifth of the world's pulverised coal, said fourth-quarter sales fell 15 per cent as rail and port congestion in Australia curbed shipments.
Sales fell to 1.1 million tons in the three months ended June 30, down from 1.3 million tons a year ago, the Brisbane-based company told the Australian Securities Exchange. Pulverised coal is used in steelmaking.
Prices of coal used in steelmaking may have a first gain in three years in 2008 because of rising demand and bottlenecks in Australia, Goldman Sachs JBWere said in May.
Coal exporters might face a 17 per cent shortfall this calender year in meeting orders out of the nation's second-largest coal port, Dalrymple Bay, because of congestion, Macarthur also said in May.
"Demand for [pulverised] coal is high and the steel market is strong," Macarthur said.
The shares fell as much as A24c to A$6.88.
- BLOOMBERG
