June 15, 2017 / 7:33 PM / 3 years ago

Teck forecasts drop in quarterly price for steelmaking coal

June 15 (Reuters) - Teck Resources Ltd on Thursday forecast a drop in its average realized price from sale of steelmaking coal for the second quarter, sending its shares down nearly 4 percent in late afternoon trading.

The Canadian miner expects average realized price to be between $160 and $165 per tonne, much lower than the $190 benchmark price set by the company for the second quarter and $213 per tonne realized in the previous quarter.

“After steel mills filled their prompt requirements immediately following the Queensland cyclone, there were very few prime hard coking coal spot sales during the four week period from mid-April,” the company said in a statement.

The company also expects the sales volumes to be in the range of 6.8 million to 7 million tonnes in the second quarter compared with the previous forecast of 6.8 million tonnes. (Reporting by John Benny in Bengaluru; Editing by Arun Koyyur)

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