Investor Presentaiton
Russia invades
Ukraine
Thermal coal prices (US$/t)1
Stock building and a mild Northern Hemisphere winter has resulted in lower spot demand and
price moderation ahead of expected upward price pressure for gC NEWC
$500
$450
$400
Indonesian export
ban
$350
$300
China officially bans
Australian coal
$250
imports
$200
$150
$100
$50
is
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
gC NEWC (US$/t)
gC NEWC (Forecast) (US$/t)
Jan-23
Mar-23
API-5 (US$/t)
Stock building, Russian
sanctions, restructuring of
trade flows
China reverses ban
on Australian coal
Ulan Basin
derailment (~1mt
displaced)
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Index (USD)
H1 FY24
(average)
Dec 24
(mthly index)
gC NEWC
API 5
141
147
92
93
•
•
Prices have retreated from record high
levels in mid-2022
Resilience of gC NEWC in seasonal
lower demand period is positive
A focus on energy security and
changes in procurement are resulting
in a greater proportion of HCV coal
being contracted under term contracts
35
1. Average monthly gC NEWC index. Forecast prices based on globalCOAL forward curve 13 February and weekly Argus/McCloskey Coal Price Index Report 9 February.
API-5 (Forecast) (US$/t)View entire presentation