Global thermal short-term outlook February 2023

The Newcastle benchmark price appears to be in freefall, losing US$124/t over the past month declining by nearly 40%. Newcastle prices have reached US$195/t after starting the year at over US$400/t. However, prices were bound to eventually correct from the extreme highs seen last year. Prices were kept high over the last few months with coal supply disruptions and fears of an energy crisis over the winter in the Northern Hemisphere. Now that is changing, as coal supply recovers and winter comes to an end.