Coal steadied at $177 per metric ton, near a recent record high of $179, boosted by soaring demand for electricity and power particularly from China and India, amid tight supplies. Despite efforts to decarbonize the global economy, renewables such as wind and solar have been struggling to meet a pick up in demand after Covid-19 related lockdowns eased. According to the International Energy Agency, global electricity demand is seen rising by 5% in 2021 and by 4% in 2022. On the supply side, Indonesia has been struggling with persistent rainfall while rail and port constraints hit shipments from Russia and South Africa. On top of that, a trade spat with Australia has crimped Chinese imports while a surge in global gas prices led some utility companies in Japan and Europe to switch to coal.
Historically, Coal reached an all time high of 179 in September of 2021. Coal - data, forecasts, historical chart - was last updated on September of 2021.
Coal is expected to trade at 173.35 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 161.45 in 12 months time.