Commodity Insights

Thermal Coal Defies Critics

Demand for thermal coal defies critics

For a commodity that is supposedly ‘dying’, seaborne thermal coal is displaying signs of rude good health. 

Along with the highest prices since mid-2008 (and still rising), traded volumes continue to increase.  Global seaborne imports for H1’21 were 2% higher than 2020 levels, as the market continued it’s post-Covid recovery, despite a Chinese ban on Australian imports. 

We expect volumes to continue rising as China struggles to meet demand, India moves out of the monsoon season and stock-building for the northern winter commences. 

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