Insight
Global thermal coal prices retreat to multi-year lows
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Global coal prices plummeted to their lowest levels since mid-2021. A mild northern hemisphere winter and relatively benign weather in key coal-producing regions have resulted in utilities in all major markets sitting on large stockpiles. Meanwhile coal output has risen in Indonesia and Australia as well as in India and China’s domestic sectors threatening the import demand outlook. We expect coal prices to recover as stockpiles deplete to more normal levels. Mild weather could see high stocks persist into the summer months. In this scenario, producers may need to curtail output to rebalance the market and support prices.
Table of contents
- Coal prices fall
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Demand slump meets supply surge
- Stockpile surplus at power plants and ports
- Production boom
- Economic headwinds and geopolitics keep markets volatile
- Outlook
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Price risks in 2025
- Upside
- Downside
Tables and charts
This report includes the following images and tables:
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Thermal coal price trend (nominal)Seaborne thermal coal - Total cash cost plus sustaining capex, adjusted to 6000nar
What's included
This report contains:
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