Thermal coal may outpace oil and gas this year, rising more than 30% to a record, as demand from China and India accelerates and Japan boosts imports to make up for nuclear power lost after the March earthquake.
According to data compiled by Bloomberg and IHS McCloskey, a Petersfield, England-based researcher, prices at the Australian port of Newcastle, a benchmark for Asia, may average USD 130 a metric tonnes in 2011. That compares with USD 99 a tonne last year. New York crude futures are forecast to rise 26% next year, while US natural gas will be unchanged.
Societe Generale SA said that demand for coal is increasing in China and India as the countries look to fuel economies that are outpacing the rest of the world. China’s purchases may rise by 7.8% in 2011, while India’s may climb 28% last month. Japan may consume as much as 1 million extra tonnes this year as the country turns to coal-fired plants make up for the loss of nuclear generation.
Mr Mark Pervan head of commodity research at Australia & New Zealand Banking Group Ltd in Melbourne said that “The demand story for thermal coal is going to look quite strong. This year we’re going to see quite an accelerated increase in demand from India. China will again be a strong contributor.”
Thermal coal will average USD 132 a tonne this year and USD 145 in 2012 as demand from Japanese utilities for fuel with high energy content rises, Daniel Brebner, an analyst for Deutsche Bank in London, said in an April 8 report. Price estimates ranged from USD 118 to USD 150 a tonne in the survey. (sourced Bloomberg)
According to data compiled by Bloomberg and IHS McCloskey, a Petersfield, England-based researcher, prices at the Australian port of Newcastle, a benchmark for Asia, may average USD 130 a metric tonnes in 2011. That compares with USD 99 a tonne last year. New York crude futures are forecast to rise 26% next year, while US natural gas will be unchanged.
Societe Generale SA said that demand for coal is increasing in China and India as the countries look to fuel economies that are outpacing the rest of the world. China’s purchases may rise by 7.8% in 2011, while India’s may climb 28% last month. Japan may consume as much as 1 million extra tonnes this year as the country turns to coal-fired plants make up for the loss of nuclear generation.
Mr Mark Pervan head of commodity research at Australia & New Zealand Banking Group Ltd in Melbourne said that “The demand story for thermal coal is going to look quite strong. This year we’re going to see quite an accelerated increase in demand from India. China will again be a strong contributor.”
Thermal coal will average USD 132 a tonne this year and USD 145 in 2012 as demand from Japanese utilities for fuel with high energy content rises, Daniel Brebner, an analyst for Deutsche Bank in London, said in an April 8 report. Price estimates ranged from USD 118 to USD 150 a tonne in the survey. (sourced Bloomberg)
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