Slowing economic growth in China is weighing on demand expectations for thermal ...
NUSA DUA, Indonesia - Slowing economic growth in China is weighing on demand expectations for thermal coal in the world’s biggest market for the fuel, while global moves toward cleaner energy are compounding problems arising from a glut in supply.
Prices for benchmark premium Australian coal out of Newcastle hit their weakest since September 2016 last week at $70.78 per ton and are likely to fall further given a slowing global economy. Coal at China’s Qinhuang port has fallen as well, to $95.53 per ton on June 10, according to price publisher McCloskey, a whisker from two year lows.
A major culprit is the expansion of the use of cheap natural gas in Europe, said an energy trader in Singapore. A prolonged period of low thermal prices may signal that the global economy is decarbonizing - that is, moving away from carbon-based fuels to renewables such as solar and wind power - at a faster rate than expected, said CBA analyst Vivek Dhar.
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