Global coal: A review of 2014 and outlook for 2015
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.