Slowing Economy, World Bank Predicts Coal Price Drop Until 2024

Economics & Macro

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Adi Ahdiat 27/10/2022 15:00 WIB

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The World Bank predicts that coal prices will fall until 2024 due to a slowdown in the global economy.

Average Australian Coal Price (2020-2024)

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Slowing Economy, World Bank Predicts Coal Price Drop Until 2024

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Average Australian Coal Price (2020-2024)

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The World Bank predicts that fossil fuel commodity prices, including coal, will decline until 2024, in line with the slowing global economy.

"After surging 60% in 2022, energy prices are projected to fall 11% in 2023 and a further 12% in 2024," the World Bank stated in its October 2022 edition of the *Commodity Markets Outlook* report.

"This outlook is primarily driven by slowing global economic growth, weakening natural gas demand as households and industries reduce consumption, and supply responses, particularly in coal," it continued.

The World Bank estimates the average Australian coal price in 2022 to be at US$320/ton. However, the price is predicted to fall to US$240/ton in 2023, and then to US$212.3/ton in 2024.

Despite weakening, coal prices over the next two years are predicted to remain at least 50% above the pre-pandemic average.

"High energy prices will persist and impact inflation, such as higher transportation costs and electricity tariffs for businesses," said the World Bank.

"High energy prices have already caused the closure of some energy-intensive industries, such as fertilizer and chemical plants, and affected the manufacturing sector," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."