The Dalian Commodity Exchange (China) on August 19 announced that it would raise trading fees for some coking coal and coking coal futures contracts from August 24, after trading sessions in the past few days. previous trading volatility.
At the same time, this exchange also announced the limit of opening positions for non-futures company clients when trading both coke and coking coal at 500 lots per forward contract. from September 2021 to January 2022, effective from August 20.
Coal price on Dalian floor was stable in the last session of last week (August 20). Accordingly, coking coal was steady at 2,287 CNY/ton, while coking coal dropped slightly by 1% compared to CNY 2,875/ton in the previous session.
Meanwhile, coal prices in Australia – the world’s top coal exporter – have doubled this year.
According to the latest weekly review by commodity pricing provider Argus, based in the UK, the price of Australian thermal coal at the Port of Newcastle, the benchmark price for the Asian market, has increased 106% year-to-date to date. more than 166 USD/ton.
Infrastructure problems and rising gas and electricity prices have fueled an unusual price spike for thermal coal, the world’s least-popular commodity.
The rise of thermal coal, used to generate electricity, has raised serious questions about the so-called “energy transition”. Coal is the fossil fuel that emits the most carbon, so the most important goal is to replace this fuel with renewable fuels. Yet many countries still depend on fossil fuels to meet rising electricity demand, despite repeated pledges from policymakers and business leaders to respond to the emergency. climate level.
A report by the United Nations Intergovernmental Panel on Climate Change (IPCC) released on August 9 warned that the 1.5 degrees Celsius temperature limit could be broken in just over a decade if the water does not reduce greenhouse gas emissions immediately on a large scale.
Yulia Buchneva, a senior manager at Fitch Ratings (USA), noted that thermal coal is still an important source of energy, as it accounts for more than 35% of the market share in global power generation. Fitch Ratings forecasts Australian thermal coal prices will fall to $81 per tonne in the second half of this year.
Source: VITIC / Reuters
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