(NAB) Weakness in coal markets has persisted – with prices for hard coking coal continuing to fall to under US$110 a tonne in early June.
In contrast, thermal coal prices have stabilised at around US$55 a tonne – having dropped from over US$70 a tonne in January.
Supply pressures have eased in recent months – as Chinese coal production resumed following COVID-19 constraints – while demand across Asia has weakened, due to the impact of COVID-19 countermeasures.
Our hard coking coal forecast is US$126 a tonne in 2020, before edging up to US$133 a tonne in 2021, while thermal coal prices are forecast to average US$60 a tonne in 2020 and US$62 a tonne in 2021.
Source: National Australian Bank
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