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New Hope Corp Sees COVID19 Curbing Coal Demand

Coal News - Published on Thu, 24 Sep 2020

Image Source: COVID19 Coal Demand Price
Australian coal miner New Hope Corp said that a sudden drop in thermal coal prices and lower output from its Queensland operations would hurt its financial performance in the second half of the year. It said “As a result of reduced electricity demand across most global markets, thermal coal demand and price has declined sharply since the beginning of April 2020. The coronavirus outbreak had affected all markets and coal types, destroying global power demand more rapidly and on a greater scale than seen during the global financial crisis of 2008. High levels of Indian coal stocks, the uncertain pace of Japan’s recovery and low coal imports from Europe were all posing negatives for the thermal coal market.”

However, offering some relief, New Hope said a pick-up in Chinese industrial activity and power consumption, along with firm demand from Vietnam, Taiwan and Korea had supported a recovery in prices in recent weeks.

New Hope Corp Ltd has posted an annual loss compared with a profit last year. For year ended July 31, the loss after tax from continuing operations was AUD156.8 million, compared with a profit of AUD 210.4 million last year

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Posted By : Yogender Pancholi on Thu, 24 Sep 2020
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