OPINION: Coal miner Coronado is in the midst of a record year. But a ban on Russian coal exports could be about to give it another unusual opportunity.
strong post-COVID-19 economic growth, and disruptions to the global coal supply chain caused by China’s bans on Australian coal imports, are a thing of the past.that are driving the market, with Australian hard coking coal prices down from $US500 a tonne in late May to about $US198 a tonne.
And that opportunity is about to get better. On August 10, bans on the sale of Russian coal to Europe will kick in, removing the 187 million tonnes – about 20 per cent of the world’s annual production – from the global market.Ziems says most European thermal coal buyers have been moving away from Russian coal since the invasion of Ukraine, but the ban that starts on Wednesday night will put further pressure on thermal coal supplies in the coming months.
If Putin keeps up his senseless war on Ukraine, then the ban on Russian coal exports will hold and thermal prices will stay high, opening the door for Coronado to further profit from its met coal arbitrage.While met coal prices are likely to remain above long-term averages thanks to strong demand from India and the automotive industry, the threat of recession in Europe and the United States is clearly a worry.
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