May 30, 2024 12:03 GMT
EU Thermal Coal Imports to Hit Multi-Year Low in May
COAL
European thermal coal imports were estimated at 0.75mn tons in May, down from 1.3mn tons in April and the lowest since at least January 2017, Kpler data showed, cited by Montel.
- Low generation demand weighed on import demand this month.
- There were no cargoes of thermal coal scheduled to arrive last week or this week, according to Kpler ship-tracking data.
- Around 0.27mn tons were scheduled to arrive in the Netherlands this month, followed by Germany with 0.18mn tons and Spain with 0.1mn tons.
- Colombia was the largest coal supplier to Europe in May at 0.23mn tons, followed by South Africa with 0.16mn tons and Russian port loadings – of Kazakh or other non-Russian origin – with 0.05mn tons.
- Lower prices due to low demand weighed on US coal exports that fell to 0.03mn tons.
- Coal inventories at four key ARA terminals were assessed last at 4.74mn tons, the lowest since May 2022, Montel calculations showed.
- Kpler expects European coal imports to rebound slightly in June to 1.3mn tons.
- API 2 ARA coal futures last traded at $113.75/MT and averaged $110.78/MT so far this month.
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