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Coal sees resurgence, hits new highs despite decarbonization efforts

September 04, 2021

ABC News:

Soaring demand for electricity in China and India has put a rocket under the coal market with prices for the fossil fuel hitting a record high despite efforts to de-carbonise the global economy.

Australian miners have been fetching up to $US180 a tonne for their benchmark thermal coal deliveries this week, setting a new high of more than $240/t in Australian dollar terms.

The record comes barely six months since prices plumbed lows of just $US50/t as miners dealt with the twin blows of a COVID-induced economic downturn and China’s unofficial decision to ban Australian imports.

Viktor Tanevski, the principle coal research analyst at consultancy Wood Mackenzie, said there had been a surge in power use — which was closely tied to coal consumption — as major Asian economies reopened.

[Daniel Mercer] 

More: Resurgent coal market hits new high as Chinese, Indian economies gather steam 

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