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Why have thermal coal prices spiked?
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Report summary
The FOB Newcastle 6,000 kcal spot price reached US$118/t this week with repeated physical trades at US$120/t, a new high after the November 2016 peak following China's 276-day production control policy. Price strength like this in the international coal market was last seen in 2010/2011 when the Queensland floods sent Newcastle benchmark to US$137/t. China's strong year-to-date 2018 demand for coal and domestic supply constraints are the largest drivers behind rising prices. However, are there any other contributing factors to currently high international thermal prices?
Table of contents
- China supply risks, demand strength, and lack of high quality coal grades contribute to price spike
Tables and charts
This report includes 2 images and tables including:
- QHD vs NEWC price amid China price intervention
- Growth rate of China coal prod and thermal gen year-on-year
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