Coal Prices Weaken at the End of the First Half of 2024

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Adi Ahdiat 03/07/2024 14:57 WIB

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According to World Bank data, the average price of Newcastle coal weakened in June 2024, both month-on-month and year-on-year.

Average Monthly Price of Australian Newcastle Coal (January 2020-June 2024)

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Coal Prices Weaken at the End of the First Half of 2024

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Average Monthly Price of Australian Newcastle Coal (January 2020-June 2024)

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Based on World Bank data, the average price of Newcastle, Australia, 6,000 kilocalories per kilogram (kcal/kg) quality coal reached US$135.10 per ton in June 2024.

This price weakened by 4.9% compared to May 2024 (month-on-month/mom), and is 3.1% lower than in June last year (year-on-year/yoy).

According to Paolo Agnolucci, an economist from the World Bank, the weakening coal price is influenced by slowing global economic activity and cheaper gas prices.

These two factors are considered to negatively impact coal demand in the power generation sector.

"This significant decline in demand is also accompanied by strong supply and a gradual increase in the penetration of renewable energy electricity," said Paolo in his research article *Coal market developments: Falling prices amid record-high output* (21/6/2024).

The World Bank projects that the average coal price throughout 2024 will fall by 28% (yoy), and weaken further by 12% (yoy) in 2025.

However, there are several factors that could boost coal prices, such as if China's economic growth is higher than expected, or if events occur that cause a global decline in renewable energy electricity production, such as low rainfall or weak wind currents.

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."