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