Thermal coal to rebound
Reported by papa00213 | July 24th, 2020 @ 06:41 AM
LONDON (Reuters) - Heat coal prices are expected to start to recover from the lows seen this spring due to increased energy demand along with other countries. Lend more
European standard coal futures in 2021 have increased by almost 20% to around $ 60.00 per ton since May. เกมยิงY8Analysts at Fitch Solutions view that upside restrictions
"We don't expect average prices to rise in 2020 compared to 2019, as global demand remains weak while global production remains buoyant," they said.
Asia's standard thermal coal prices at Australia's Newcastle port for next month delivery are currently around $ 49 per ton, likely to increase as Chinese energy demand increases and economic activity.
The global coal supply deficit should ease 535 million tonnes this year from 587 million tonnes last year.
Many power plants and coal mines have benefited from weak demand and low prices this year, with some companies declining to stop and shut down.
However, China, which produces and uses coal in about half of the world, said it would allow other provinces to start building coal power plants in 2023. Other Southeast Asian countries still rely on coal to drive industry growth.
According to the International Energy Agency, approximately 140 gigawatts (GW) of coal will be added in Asia by the end of 2017. 2023, while 100 GW will be canceled - equal to a 40 GW net increase, mainly in China and India.
Investors widely speculate that slow coal use due to clean natural gas stimulation and alternative energy production, including public pressures on climate change and asset sales from coal.
For many countries in Europe and the United States, weaker gas prices have reduced the attraction of electricity.
Data released by the Think-tank Ember shows that Europe accelerates coal exits during a smooth transition by increasing renewable energy. For the first time this year, both the nuclear and renewable energy sources will outstrip coal, according to the US Energy Intelligence Agency.
Over the long term, global coal supply surpluses should continue to decline, which could help raise prices, analysts said.
``Despite the slump in new equipment, renewable energy advances have slowed demand for coal and the current gas supply is plentiful,'' said Barbara Lambrecht, an energy analyst at Commerzbank. It's cheap."
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