Commodity Market Report

Global thermal short-term outlook April 2024

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Thermal coal markets were supported by Russian coal moving out of some North Asian markets while lacklustre shoulder-season demand continues to contain them. Spot prices for Newc material increased to almost US$140/t at the end of the month on thin trade. Sentiment in China is more bullish as economic activity beat expectations and concern about domestic production levels that have been impacted by safety related stoppages. European prices have been on a rollercoaster ride but we think the decline to US$100/t at the end of the month is not susrtainable and that prices will increase to better reflect the current support levels.

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