May 30, 2024 12:09 GMT
Australian Coal Exports to Germany, Belgium on Track to Halve in 2Q
POWER
Australian coal exports to Germany and Belgium are on track to fall by around 52% and 50% on quarter in the 2Q24, data from Marcura show.
- Australian coal exports to Germany and Belgium have totalled around 92,615/t and 79,800/t, respectively, so far this quarter, down from 197,000t and 160,784/t in 1Q24.
- Northwest European thermal coal imports fell to a multi-year low in April to 1.88mn tons, down from 2.6mn tons in March due to muted demand, DBX data showed, cited by Montel. This trend was also seen in May.
- The reason for this was due to “very” poor dark spreads, DBX said at the beginning of May.
- German hard coal generation has average around 1.89GW so far this quarter, down from 4.15GW in 1Q24.
- Lower power demand during the quarter has also played a factor in the slowing of Australian coal imports.
- German power demand has averaged around 49.6GW so far in 2Q24 compared to 55.69GW average across the previous quarter.
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