After a Decline, Newcastle Coal Prices See Slight Increase in April 2023

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Adi Ahdiat 04/05/2023 10:14 WIB

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According to World Bank data, the average price of Newcastle coal fell throughout the first quarter of 2023. However, in April 2023, the average price increased by 3.8% (month-on-month).

Average Monthly Newcastle Coal Price (January 2020-April 2023)

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Average Monthly Newcastle Coal Price (January 2020-April 2023)

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According to World Bank data, the average price of Newcastle coal, a global benchmark, fell throughout the first quarter of 2023.

However, in April 2023, the average price rose 3.8% month-on-month (mom) to USD 194.28 per ton.

Despite this slight strengthening, the World Bank projects that coal prices will generally weaken until next year.

"Coal prices are expected to fall 42% in 2023 and a further 23% in 2024. However, prices are still well above the 2015-2019 average," the World Bank said in its April 2023 Commodity Markets Outlook report.

The World Bank predicts that global coal demand will weaken starting in 2023, influenced by carbon pricing policies and the softening of natural gas prices in several major consuming countries, particularly the United States and Europe.

"The Russian invasion of Ukraine has strengthened incentives to shift away from fossil fuels, both through increased renewable energy production and reduced energy consumption, particularly in the United States and Europe," said the World Bank.

"This is driving the expectation that US and European coal consumption will continue to fall," it continued.

The World Bank also mentioned that coal prices could fall further if the global economic slowdown is worse than expected, or if China, as the largest consumer, reduces its demand.

On the other hand, there are several conditions that could potentially boost coal prices this year.

"In the short term, if China's economic recovery is stronger than expected, they will increase demand for imported coal for industry and power plants," said the World Bank.

"If there is a production decline, or a cut in coal exports from Russia, this could also increase prices," 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."