LAUNCESTON, Australia: Asia's seaborne thermal coal markets are losing heat, with both prices and volumes declining as winter demand passes and Europe's energy crisis eases. Prices of the main traded grades for coal used in power plants dropped to their lowest in months last week, and to the weakest in a y
LAUNCESTON, Australia: Asia's seaborne thermal coal markets are losing heat, with both prices and volumes declining as winter demand passes and Europe's energy crisis eases.
This grade of coal is most commonly bought by Indian utilities, and was the preferred Australian thermal grade among Chinese buyers prior to Beijing's unofficial ban on Australian cargoes, imposed amid a diplomatic dispute in mid-2020. The price of Newcastle 6,000 kcal/kg physical cargoes compiled by globalCOAL was even weaker, ending last week at $294 a tonne, dropping below $300 for the first time since April last year.
Indonesia is the world's largest exporter of thermal coal, while Australia ranks second and Russia third. Russian thermal coal from Vostochny port, which is largely being bought by China after Japan curbed imports following Russia's invasion of Ukraine, has also been weakening.The softer prices for thermal coal are occurring as demand for seaborne cargoes appears to be weakening among Asia's top two importing nations.
India, the second-ranked importer, is expected to land 16.20 million tonnes in January, roughly in line with December's 16.22 million, but it's worth noting that December was the weakest month for imports since February 2022.
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