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Asia power outages and US warm temperature forecasts fuel coal prices to 2 month highs
Coal prices are trading at a 2-month high levels right now. There is continued robust demand that was seen for power generation and firm natural gas prices in Europe and Asia is something that continues to put coal prices on the higher side.
The warm temperature forecasts coming in from US and the power outages that has been seen in various parts of Asia, including India, is keeping coal prices on the higher side.
Coal prices are trading at 2-month-high levels right now. There has been a continued robust demand for power generation. Firm natural gas prices in Europe and Asia is also something that is continuing to put coal prices on the higher side.
The European Union ban on coal imports from Russia is also taking effect on ground. EU and Asia, as of now, are buying coal from Australia, Indonesia, US, and South Africa.
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Indian markets have witnessed coal imports at record highs. The Indian energy demand is estimated at around 207 gigawatts in April end and the expectation is that the Indian electricity demand is growing at an annual basis of 4.7 percent.
After the ban and sanctions on Russia, coal prices had seen all-time highs at $435 per tonne. Currently, coal prices are at around $380 per tonne and pricewise, as week-on-week and month-on-month basis, this is one commodity that continues to trade on the positive.
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