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BHP says sees no near-term relief on coal prices

Reuters - UK Focus

BRISBANE, April 2 (Reuters) - Top (Taiwan OTC: 8419.TWO - news) global miner BHP Billiton (NYSE: BBL - news) sees little improvement in coal prices in the near term, its coal chief said on Wednesday.

"It's hard to see any relief in the short term, certainly when you've got such strong supply," BHP Billiton coal president Dean Dalla Valle told reporters after a business lunch.

Prices for metallurgical coal have slumped to around $105 a tonne from more than $300 in 2009, while thermal coal prices have dropped to $75 from highs around $130 in 2011, which has led producers to shut some mines, axe jobs and shelve projects. (Reporting By Sonali Paul; Editing by Richard Pullin)