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Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. After a tumultuous few years marked by the Covid-19 shock in 2020 and the turmoil caused by Russia’s invasion of Ukraine in 2022, the coal markets have returned to more predictable and stable patterns in 2023. Notably, coal trade is heading back to 2019 volumes, with Chinese imports leading the charge.
One significant factor contributing to the surge in coal imports is the decline in coal prices. Cheaper coal has made imports more attractive, especially for price-sensitive buyers. China, the world’s largest coal consumer and producer, has almost doubled its imports in the first half of 2023. As a result, global coal trade is projected to grow by more than 7%, outpacing overall demand growth and approaching record levels seen in 2019. Seaborne coal trade may even surpass the 2019 record of 1.3 billion tonnes.
Another reason for the upward trajectory in coal supply is the stronger financial position of coal mining companies. Despite no new large-scale projects coming online, the high prices in 2022 have left these companies with more robust balance sheets, allowing them to invest in sustaining and even expanding capital expenditures. Additionally, the end of La Niña, which hampered coal production in Australia, has bolstered the coal supply outlook for 2023, despite the retreat of coal prices from their peak.
Renewed demand
The demand side of the equation is also playing a vital role in the resurgence of coal trade.
Even the European Union, traditionally a coal importer, temporarily turned into an exporter of thermal coal due to ample inventories accumulated during the previous year and reduced coal-fired power generation.
Global coal consumption reached an all-time high in 2022 and is expected to remain near that record level in 2023. Asia, led by China, India, and Southeast Asian countries, is expected to account for a significant portion of coal consumption. China and India together are projected to use almost 75% of the world’s coal in 2023, further solidifying their dominance in the market.
Despite the positive developments in the coal industry, concerns remain regarding the environmental impact of coal usage. Coal remains the largest single source of carbon emissions from the energy sector, and while clean energy has put coal use into structural decline in Europe and the United States, demand remains stubbornly high in Asia.
To address this, the IEA emphasises the need for greater policy efforts, investments, and stronger international cooperation to drive a massive surge in clean energy and energy efficiency to reduce coal demand in rapidly growing economies.
“But demand remains stubbornly high in Asia, even as many of those economies have significantly ramped up renewable energy sources. We need greater policy efforts and investments – backed by stronger international cooperation – to drive a massive surge in clean energy and energy efficiency to reduce coal demand in economies where energy needs are growing fast.”
Forward look
The mid-year Coal Market Update also provides insights into the future of the coal industry. Global coal demand is projected to remain flat in 2024, with declines in the electricity sector offset by small increases in the industrial sector as economic conditions improve. Asia, particularly India and Southeast Asia, is expected to experience growth in coal demand, while the United States and the European Union will see further declines. China and India are set to continue dominating the global coal consumption landscape, accounting for more than half of the world’s coal use.
Source: Baltic Exchange
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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Planning Commission, India
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- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
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- Global Coal Blending Company Limited - Australia
- The University of Queensland
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- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
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- Ministry of Transport, Egypt
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- London Commodity Brokers - England
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- Antam Resourcindo - Indonesia
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- Australian Commodity Traders Exchange
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- McConnell Dowell - Australia
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- Eastern Energy - Thailand
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- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
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- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
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- MS Steel International - UAE
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- PetroVietnam Power Coal Import and Supply Company
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- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
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- Global Green Power PLC Corporation, Philippines
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
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- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
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- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
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- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
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- Coal and Oil Company - UAE
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- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
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- New Zealand Coal & Carbon
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- Jindal Steel & Power Ltd - India
- PTC India Limited - India
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- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Goldman Sachs - Singapore
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- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
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- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Parliament of New Zealand
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- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Thai Mozambique Logistica
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- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
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