Coal News & Markets Summary

Mar. 31 - Apr. 7, 2024

Australian hard coking coal prices were down for the eighth week in a row. The FOB Australian index is now priced at $228/mt and the CFR China index is now priced at $238/mt:

• WoW: FOB Aus -7.7%, CFR China -3.6%

• MoM: Fob Aus -24.0%, CFR China -20.7%

• YoY: Fob Aus -21.1%, CFR China -16.2%

Metallurgical coal spreads continue to tighten with the fall in premium coking coal prices. US East Coast coking coals are almost back to their historical averages of 0.96 and 0.98 for US High-Vol A and US Low Vol, respectively:

Seaborne thermal coal indexes pulled back this week as markets have fully contemplated recent short-term supply disruptions are turn back towards long-run fundamentals:

• WoW: API2 -1.5%, NEWC -1.7%, S. Africa -2.7%

• MoM: API2 +6.2%, NEWC -4.6%, S. Africa +6.6%

• YoY: API2 -12.7%, NEWC -32.8%, S. Africa -20.0%

The Coal Trader Premium Updates ($)

• Technical Analysis Update (also linked here)

• What’s going on in met markets? (also linked here)

• Upgrades & Downgrades (also linked here)

Launch of the Coal Portfolio:

• Refer here for The Coal Portfolio which tracks my long-term assessments re Equity Research.

I’m also busy working on some research projects. I’m available for hire if anyone wants an independent coal analyst’s viewpoint on anything coal related. Please reach out to me at ddyer@thecoaltrader.com.

Weekly News Summary

Here’s the weekly rundown of the most important Coal News and Market information which I’ve curated for free and paid subscribers.

Producer Updates:

• Teck Resources Q1 Steelmaking Coal Sales Fall Y/Y

• Stanmore Resources Expands Dominance with Full Acquisition of Eagle Downs Coal Ventures

• SouthGobi Resources Reports Significant Growth in Mongolian Coal Production and Sales in 2023

• Whitehaven Completes BHP Acquisition

Coal Updates:

• Thermal Coal Prices Rise as Supply Tightens

• Baltimore to partially reopen by end of April

• Indian Thermal Coal Imports reach 3-month high in March 2024

• Europe’s thermal coal imports hit record low in March

• World Coal Market: Brief Overview

• Australian coal mining expansions and new projects in an era of funding uncertainty

• China’s Coal Price Slump Likely to Persist Until Start of Summer

• China & India boost seaborne thermal coal imports as power demand surges

Steel Updates:

• European Hot-Rolled Coil Market Faces Downward Pressure Amid Oversupply and Weak Demand

• India’s mills see 12% increase in steel sales in financial year 2024

• Indian steel prices decline y-o-y in FY’24. What to expect in FY’25?

• Hot metal proving far more cost effective than scrap in China

• Will there be an eighth round after the seventh round of coke prices cuts?

Other Notable News:

• China Braces for Flood Season & Hydropower Rebound

• Bidder field narrows for Whitehaven’s selldown at Blackwater coal mine

• Deutsche Bank Says Glencore May Consider Switching Listing to US

• Pessimism to haunt China’s steel market in April

---

For those who want more coal analysis and content, check it out here. I’m offering a discount for all TheCoalTrader readers, use code TCT2000 for 15% off the Annual Premium Bundle.

---

Nothing in this Site constitutes professional and/or financial advice, nor does any information on this Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. The author of this Site is not a fiduciary by virtue of any person's use of or access to this Site or its Content.