Coal stocks in Australia are up more than 1% over the past week as Australia’s mining boom continued.
The coal industry has been in freefall since the world’s biggest miner BHP said it would leave the country, and the price of coal plummeted.
Now, the industry is facing a potentially dangerous scenario where the price drops even further as miners continue to quit.
Here are five reasons why coal stocks are up: 1.
Coal mining has been hit by a supply glut, which could mean the price is expected to fall.
The Australian Bureau of Statistics said in March that it expected the Australian coal industry to see a 5% drop in supply from the end of June, and was forecasting that the Australian mining industry would see a 3% drop.
That could mean coal stocks will be in free fall for some time to come.
“The Australian mining sector is in a severe downturn, with an industry forecast to see the biggest decline in its supply in the next 12 months,” the ABS said in a statement.
“This is the latest in a series of supply-side problems that have been plaguing the industry since the end, which will continue until at least mid-2018.”
Australia’s coal industry is struggling to find new coal mines to expand.
In the past two months, the coal industry in Australia has lost more than 10,000 jobs.
The ABS said that the number of mines that have closed in the past six months has been up around 70%.
Mining companies are finding it harder to find places to mine as demand for coal has slumped.
It is now a real struggle for the industry to find more mines to continue to grow.
There is no sign of a global supply glut.
“It’s not like we are facing a global shortage,” Ian Wilson, chief economist at the National Australia Bank, told Business Insider.
“We are facing what we call a domestic supply shortage.
It’s very hard to say when it’s going to end or when it won’t.
But it’s certainly a real problem for Australia.”
The world has been losing coal.
China is the world leader in coal mining, and it is estimated that it will have a 1.3% surplus by the end.
That’s because of China’s huge demand for its coal, and China’s rapidly expanding economy.
It also means that the world is losing coal to the US, Europe and Japan.
This means the price will drop further, and miners will have to go elsewhere to find work.
The prices are still going up.
In April, the price for a tonne of coal in Australia was about $US15 ($20.70), and now it’s about $16.5 ($24.75).
That’s up by about 6% on the same month last year.
But the price has dropped in every month since January.
It could continue to drop.