Thermal coal: 5 things to look for in 2025 Report

Insight 10 January 2025

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Report summary

In our latest annual "5 trends to look for" insight, our global thermal coal markets team assesses 2025's biggest trends to influence supply, demand and price. After a record year in 2024, markets enter a challenging price environment and calls for even higher coal consumption while the world moves ahead under the spectre of a Trump 2.0 administration and a slowing energy transition. Demand in China, India, JKT and other regions remains elevated while supply faces a period of low prices not seen since 2021.

2025 Peak Coal – is this the year we turn the corner?
What goes up, must come down? - momentum of China’s meteoric import growth
Coal demand bastions – trends to watch in India and JKT
- India
- Japan, South Korea and Taiwan
Batten down the hatches – evolving global supply landscape in 2025
Trump 2.0 – implications for domestic and export coal markets