Commodity Market Report
Global thermal coal short-term outlook July 2019: spot prices off the lows but is it too much, too soon?
Report summary
Spot prices bounced sharply off the lows across the high CV market segment while the Australian 5,500 kcal/kg market and Indonesian coals remain under pressure. We expect continued volatility across all segments as prices oscillate around marginal costs in H2 2019. Uncertainty remains both in Europe, due to increased coal-to-gas switching, and in Asia, where import restrictions remain in China. We believe the rally in the high CV segment is too much and too soon.
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