According to Macquarie Group Ltd, rains and floods in Australia’s Queensland state are disrupting global supplies of steelmaking coal, with 37% of the world’s traded production affected by force majeure.

Macquarie, in a note to clients, estimated that force majeure is affecting 98 million tonnes of metallurgical coal production capacity, equivalent to 73% of exports from Queensland.

BHP Billiton Ltd, Rio Tinto Group, Xstrata Plc, Peabody Energy Corp. and Anglo American Plc are among producers affected by the rain in Australia.

The rain comes after Australia’s wettest September to November on record, with showers and storms forecast to continue across Queensland until at least January 6.

(Sourced from Bloomberg)