Whitehaven Coal Ltd (ASX: WHC) in its September quarter update on Thursday announced that its coal sales surged 23% on last year's figure to 4.7 million tonnes. The figure surpassed analyst forecasts of 4.2 million tonnes.
Whitehaven reported lower coal prices than analysts had forecast, selling its thermal coal at a 3.2% discount on the quoted average of $94 per tonne.
Shares fell 2.8% to $3.77 at close Thursday in response. Regardless, Whitehaven shares continue to trade around five-year highs, thanks to strong thermal coal prices, which have averaged US$92.5 a tonne since the beginning of the month.
The mining sector is expecting demand and prices for thermal coal to remain strong, supported by an increase of 8% in coal demand in China and demand for higher quality coal from Taiwan's new power stations.
