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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
 Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more than 60 percent from their peaks in 2022, driven by soft economic activity and lower gas prices, which negatively affected demand for coal in the power sector. This significant drop has been bolstered by robust supply and gradually increasing penetration of renewable electricity. Nonetheless, prices remain well above their 2015-19 average. A sharp decline in prices has already unfolded in 2024, compared to the 2023 average, with further reductions anticipated in 2025 as renewable power generation meets rising electricity demand. Major risks to this outlook include stronger-than-expected growth in China's power output and hydropower shortfalls.
Global consumption hits a record high. In 2023, coal consumption is estimated to have reached a record high, increasing by 120 million tons (1.4 percent) compared to 2022. However, demand growth decelerated due to weak global economic activity, high penetration of renewable electricity, and lower natural gas prices. In the United States and the European Union, demand fell by an estimated 100 million tons each, while it rose by approximately 220 million tons in China and 100 million tons in India. The global demand shift towards Asia persisted in 2023, with China and India currently accounting for 70 percent of total consumption.
Global coal production remains robust. Production is estimated to have increased by about 150 million tons (Mmt) in 2023. In India, output rose by approximately 100 Mmt, while China's production grew by about 50 Mmt, partly due to enhanced safety measures in domestic mines. Conversely, production in the United States and the European Union declined by roughly 50 Mmt and 70 Mmt, respectively. In Australia, production stagnated due to labor shortages and sluggish exports to China, which have not fully recovered after China lifted its ban on Australian imports in January 2023, originally imposed in 2021.
Global trade reaches record highs. In 2023, global coal trade is estimated to have reached a record high, increasing by 100 Mmt. The growth was largely driven by a 150 Mmt rise in Chinese imports, as domestic production could not keep pace with growing consumption. Reflecting these consumption patterns, the Asia Pacific region accounted for approximately 80 percent of global coal imports. In the meantime, the European Union has continued to substitute exports from Russia by increasing trade with several commercial partners including the Australia, Colombia, South Africa and the United States.
Coal prices are expected to decline by 28 percent in 2024 and a further 12 percent in 2025. Upside risks to the coal price outlook includes higher-than-expected growth in China’s consumption and various factors that could lower renewable electricity production, such as low rainfall or light wind conditions. Downside risks include ample supply and weaker-than-expected global growth. The baseline assumption that China’s coal demand peaked in 2023 may be challenged by stronger-than-expected growth in power generation, as seen in 2021, or shortfalls in output from hydropower, as in 2023. Additionally, new coal mines are under development in China, and about 110 GW of coal plants were approved in 2023, indicating that domestic coal consumption could continue to rise. Production data covering 2024Q1 indicate that coal demand in the power sector in China will increase in 2024 unless renewable generation booms over the summer months or demand for electricity decreases.
By Paolo Agnolucci & Kaltrina Temaj
World Bank
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Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
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- Australian Coal Association
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- The University of Queensland
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
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