Thermal coal prices could fall further from around their four-year low, said analysts, as surging production in China leads to a glut across global markets.
Benchmark prices for seaborne thermal coal, which is used in power stations to generate electricity, have tumbled to one-quarter of their peak levels in 2022, when Russia’s invasion of Ukraine sparked an energy crisis and a huge bull market in coal.
A prolonged period of high prices in 2022 and 2023 — from which some miners and hedge funds were able to reap large profits — drove a surge in production, with China, India and Indonesia opening new mines in recent years.
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