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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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- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
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