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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, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
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- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Planning Commission, India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
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