Sluggish Demand For Thermal Coal In Asia Leads To Price Decline Despite Boost In US Exports
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Thermal coal prices in Asia have been facing significant pressure due to weak demand from major buyers. Indian buyers, in particular, are not actively seeking out seaborne thermal coal at this time, and demand within the country has been limited to sporadic pockets. As a result, traders have been focusing on back-to-back trades and avoiding major risks of the coal market as per their market assessment.
The situation in China has also contributed to the decline in thermal coal prices. Some power plants in the country have cancelled recent tenders for importing thermal coal with the expectation that these tenders will be reissued next week at lower prices. The domestic thermal coal price in China has also continued to be on a downward trajectory.
Despite the challenges faced by the Asian thermal coal market, exports of thermal coal from the United States have seen a significant increase jumping by 17% to reach 3.1 million mt in November 2022. India was the top destination for these exports, with 706,187 mt in November 2022, followed by the Netherlands with 602,588 mt, and Japan with 422,087 mt. The United States has also seen an increase in coal production, with a 5.2% increase to 9.2 million mt in the last week of December 2022.
Insight
The thermal coal market in Asia remains uncertain, with weak demand and declining prices in some regions. However, the increase in exports from the United States suggests that there can be opportunities for sellers in other parts of the world.
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