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Australian thermal coal outlook

Australian thermal coal export earnings have risen as global supply disruptions intensify. Thermal coal prices remain elevated, driven by weather and COVID-19 workforce disruptions, and by market uncertainties linked to fallout from the Russian invasion of Ukraine. As more normal conditions return, the Newcastle benchmark price is forecast to ease from a peak of US$280 a tonne in 2022, to average around US$115 a tonne in 2024.

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