Global miner Glencore on Wednesday declared force majeure on coal shipments from the cyclone-hit Bowen Basin in Australia, after the storm damaged railway lines, disrupting delivery to ports. Glencore runs five coal mines in the region and it is the fifth miner to declare force majeure – a clause typically invoked after natural disasters – leaving rivals in the United States to cash in on a surge in prices as Chinese steelmakers scramble for supplies.
