Australian thermal coal prices plummeted last week, dropping to a 10-month low after succumbing to a series of blows including concern over imports by China and a lower contract price with Japan.
The price agreed was $US94.75 a tonne for Australian thermal coal supplied for the year through to March 2020, Reuters reported on April 2, citing a source with direct knowledge. It's not unusual for spot prices to drop after the conclusion of contract negotiations, especially since Japan is Australia's largest buyer of thermal coal, taking about 114 million tonnes in 2018., although this has been officially denied.
Still, looking at Australia's total coal exports, it seems they are holding up relatively well, with a total of 32.1 million tonnes being imported by buyers in March, up from 27.5 million in February and only slightly below January's 33.4 million.
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