GC Newcastle coal prices fell below $230 per metric ton, the lowest in near three weeks and sitting almost 15% below its all-time high of $269.5 reached on October 5th, after China’s top economic planning agency said government intervention in coal prices was discussed at a meeting of key coal producers on Tuesday. The National Development and Reform Commission said it aims to ensure coal output increases to 12 million tons a day and will give the fuel priority for deliveries through ports and over railroads. Beijing’s efforts to tame prices come as Chinese coal futures have been breaking records, as demand for power generation surged amid an ongoing energy crisis despite the country’s environmental target. Several factors contributed to the power crunch, including a shortage of coal supplies, tougher government mandates to reduce emissions and greater demand from manufacturers. Meanwhile, data from the NBS showed China's coal production decreased 0.9% from a year earlier in September.
Historically, Coal reached an all time high of 269.50 in October of 2021. Coal - data, forecasts, historical chart - was last updated on October of 2021.
Coal is expected to trade at 246.91 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 268.87 in 12 months time.