Australian Miners Face Biggest Thermal Coal Price Drop

The decrease has been driven by a historically sharp reduction in Europe, where demand for coal-fired power fell 23%, and the US, where it dropped 14% in the first nine months of the year despite Donald Trump’s vow that he would resurrect the local industry

December 28, 2019. By News Bureau

Australian coal exporters are suffering through the biggest annual drop in thermal coal prices in more than a decade in this year.

The spot price of thermal coal, which is burned to generate electricity, was US$66.20 last week, down more than a third from US$100.73 a year earlier.

It is expected to cut export earnings from the industry from last year’s record A$26bn to A$20.6bn this year and A$18.8bn next year, according to the government’s latest resources and quarterly energy report.

Global thermal coal use declined this year after rising in 2017 and 2018, but forecast a slight increase over the next five years as rising demand from India offset a shift away from it in Europe and the US, as per the International Energy Agency.

The decrease has been driven by a historically sharp reduction in Europe, where demand for coal-fired power fell 23%, and the US, where it dropped 14% in the first nine months of the year despite Donald Trump’s vow that he would resurrect the local industry.

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