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Glencore & Tohoku Electric Agree on Yearly Thermal Coal Price

Coal News - Published on Thu, 21 May 2020

Image Source: Thermal Coal
Reuters, citing source with direct knowledge of the matter, reported that Glencore Plc and Japan’s Tohoku Electric Power have agreed on a price of USD 68.75 per tonne for thermal coal from Australia for the year through March 2021. The price, which serves as an industry benchmark for supplies of seaborne thermal coal in Asia, was 27% lower than the USD 94.75 a tonne agreed last year and the lowest since their April-March annual deal in 2016. The sharp decline from a year earlier came as the coronavirus pandemic choked off global industry activity, slashing demand for thermal coal.

The weekly index for cargoes of higher-rank thermal coal from Australia’s Newcastle Port, mainly destined for Japan, South Korea and China, fell to USD 52.79 a tonne in the week to April 26, the lowest since June 2016, and down 24% from this year’s peak of USD 69.59 in mid-January.

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Posted By : Yogender Pancholi on Thu, 21 May 2020
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