Global thermal coal: 2022 in review

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All manner of factors collided together this year to drive global thermal coal prices beyond anything we have seen before in history, reaching more than twice previous historical highs. Newcastle benchmark prices peaked in September at over US$440/t, a level unthinkable before this year. In fact, high-quality thermal coal prices got so high that they were above premium hard coking coal for significant periods this year, resulting in metallurgical coal crossing over into the thermal coal market. Here is a recap of the major events that drove thermal coal markets this year.

Table of contents

  • Russian sanctions resulted in a scramble for high-CV coal supply
  • Thermal coal generation went from black sheep to work horse
  • Seaborne supply shortages increasingly worsened
  • Costs and ESG concerns ballooned
  • Coronavirus pandemic in China weighed on the low-CV market
  • Scorecard for start of 2022 predictions:

Tables and charts

This report includes 2 images and tables including:

  • Soaring seaborne price curtailed China’s import
  • Newcastle vs Indonesia coal prices

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    Global thermal coal: 2022 in review

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