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European thermal coal hits 7 year low as costs and demand drop

European thermal coal fell to the lowest in at least 7 years as the cost of mining and shipping the fuel dropped and demand from China, the world’s largest consumer of the fuel, is forecast to decline.

Benchmark year ahead thermal coal lost 1 percent to the lowest since September 2007. 

Ms Diana Bacila, an analyst in Oslo at Nena AS, said by phone that “This low price is mostly based on lower cash costs, currency and oil prices, which are lowering the floor for producers. Cheaper freight lowers the voyage cost and means a lower price delivered into Europe.”

According to broker data, next-year European coal has slumped 22% this year to USD 67.70 a metric ton in London today. The contract had its biggest weekly fall in more than two years.

Prices for coal in Australia and South Africa, two of the world’s five biggest steam coal exporters, have dropped to 5 year lows in the past two weeks.

Source – Bloomberg

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