Commodity Market Report
Global thermal short-term outlook January 2024
Report summary
2023 saw recording breaking coal consumption in China and India which has off-set declines in Europe, Japan and South Korea. Chinese seaborne thermal coal imports reach all-time recorded levels in December. Indonesian exports were also reached all-time recorded levels in November, suppling in the Chinese market. Australia exports for December were at three-year highs. Prices for high CV coal continued to deflate from a brief run up, down to levels of longer term support. High priced South African exports underwater at current pricing, lending price support. Lower CV coals remained resilient but their fortunes are ultimately tied to China's domestic coal price as India watches on the sidelines as price takers for its growing imports.
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