Global coal: A review of 2014 and outlook for 2015

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Report summary

The global coal sector had a traumatic 2014. Prices for both thermal and metallurgical coal fell consistently through the year, as lower-than-anticipated demand combined with stubborn supply to generate the weakest market conditions since 2009. Cost-cutting rather than production-cutting remained the preference of most miners but will get harder in 2015. However, low oil prices and devaluing currencies will enable further cost falls which, with subdued demand, will keep prices soft.

What's included

This report contains

  • Document

    Global coal: A review of 2014 and outlook for 2015

    PDF 389.19 KB

Table of contents

    • China shakes up gl
    • obal coal markets...
    • whilst supply remains stubbornly high...
    • pushing prices lower and keeping them low
    • Margins contracted and will stay very tight...
    • ...but wholesale supply adjustment is unlikely
    • Capital discipline came into sharp focus...
    • ...while broader M&A activity has started to pick up

Tables and charts

This report includes 11 images and tables including:


  • Chinese policy announcements in 2014
  • Seaborne thermal coal demand (Mt)
  • Seaborne metallurgical coal demand (Mt)
  • Seaborne thermal coal prices 2014 (US$/t FOB)
  • Seaborne met coal prices 2014 (US$/t FOB)
  • Thermal coal margins 2013 vs 2014 (US$/t)
  • Metallurgical coal margins 2013 vs 2014 (US$/t)
  • Thermal coal costs 2013 vs 2014 (US$/t)
  • Metallurgical coal costs 2013 vs 2014 (US$/t)
  • Disclosed deals by region (US$Bn)
  • Disclosed deals by region (no. of deals)

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