"Record steelmaking coal FOB prices resulted in an increase in our average realized steelmaking coal price in the second quarter to US$453 per tonne. We expect to record provisional pricing adjustments of negative $73 million in the quarter due to the decline in coal prices at quarter end," the company said.

BMO Capital Markets analyst Jackie Przybylowski said the sales were below both BMO's and consensus expectations, while the realized price was approximately in line with the consensus view but below BMO's forecast of US$482/t.

BMO had forecast 6.7 million tonnes and the Visible Alpha consensus was 6.5 million tonnes, Przybylowski said.

"We continue to forecast 6.2 million tonnes coal produced in the quarter—we had previously assumed drawdowns of the coal inventories built up during poor weather in late 2021, and a CP Rail strike in early 2022," she said.

"Despite the missed expectations we continue to expect Teck will report record quarterly profit, EBITDA, and earnings—more than sufficient to continue to fund QB2 completion and an aggressive shareholder returns program," she said.

National Bank of Canada Financial Markets said in a research note that Teck's sales were slightly below NBF's estimate of 6.35 million tonnes while the realized price was better than their estimate of US$424/t—"primarily related to timing of sales in what was a volatile quarter for coking coal prices".

"We model 24.5 million tonnes of coal sales in 2022 at an operating cost of $127/t compared to company guidance of 24.5 million-25.5 million tonnes with costs in the range of $122/t-$129/t," NBF said.

Teck's share price was C$38.5 (US$29.61) on July 8, having risen 4% day on day. The company has a market capitalization of C$298.97 million.