The U.S. Energy Information Administration forecast coal production in 2019 to total 688 million st, down 2.7 percent from year-ago at manufacturing level, revealed Tuesday’s short-term energy outlook from the EIA.
Source: spglobal.com
London — US coal exports totaled 7.2 million mt in June, down 12.6% from May and down 21.6% from the year-ago month, according to US Census data Friday.
Exports dropped as global seaborne thermal coal prices hit three-month lows in June, with European-delivered CIF ARA prices averaging $48.36/mt, down 50% from the year-ago month.
Loading issues in New Orleans caused by high river levels and a decline in US coal railcar loadings also curbed exports for the month.
“The decline in railcar loadings has been driven in part by weak domestic demand, but has also cut some export supply as rail movements in the West and Midwest were curtailed due to flooding,” S&P Global Platts Analytics said.
Bituminous coal exports in June totaled 2.2 million mt, down 34.1% from the prior month and 39.1% from the year-ago month. Year-to-date bituminous coal exports totaled 17.1 million mt, down 14.9% from the same period last year.
Top bituminous coal destinations in June were India, at 607,651 mt compared with 704,596 mt in the prior month; the Netherlands, at 402,561 mt compared with 576,648 mt; and Egypt, at 378,172 mt compared with 334,355mt.
For the year to date, the top bituminous coal export destinations were India, at 4.96 million mt compared with 5.4 million mt in the year-ago period; the Netherlands, at 2.7 million mt compared with 2.1 million mt; and Japan with 1.9 million mt compared with 1.6 million mt.
Subbituminous coal exports totaled 301,660 mt, up 152.4% from the prior month but down 50.7% from the year-ago month. Year-to-date subbituminous coal exports totaled 2.2 million mt, down 37.1% from the same period last year.
Top subbituminous coal destinations in June were South Korea with 226,095 mt compared with 45,523 mt in the prior month, and Mexico at 75,565 mt compared with 14,669 mt.
For the year to date, the top subbituminous coal export destinations were South Korea, at 1.2 million mt compared with 2.7 million mt in the year-ago period; Mexico, at 717,728 mt compared with 1 million mt; and Egypt, at 174,816 compared with zero tons last year.
Metallurgical coal exports in June totaled 4.7 million mt, down 2% from the prior month and down 5.3% from the year-ago month. Year-to-date met coal exports totaled 26.3 million mt, down 8.8% from the same period last year.
Top met coal destinations in June were Japan at 673,803 mt compared with 644,102 mt in the prior month; Brazil at 656,265 mt compared with 560,019 mt and the Netherlands with 381,411 compared with 163,566.
For the year to date, top met coal export destinations were Brazil, at 3.5 million mt compared with 3.9 million mt in the year-ago period; Japan, at 3.3 million mt compared with 2.7 million mt; and the Netherlands, at 2.8 million mt compared with 2.5 million mt.
- Slowing demand from China
- Prices for benchmark premium Australian coal out of Newcastle hit their weakest since September 2016
- Renewable are expanding – Hydro, Natural Gas
NUSA DUA, Indonesia (Reuters) – Slowing economic growth in China is weighing on demand expectations for thermal coal in the world’s biggest market for the fuel, while global moves towards cleaner energy are compounding problems arising from a glut in supply.
This supply-demand tandem is likely to keep prices for coal used in power plants and the manufacture of cement under pressure in coming months and perhaps longer, industry sources said as Asia’s biggest coal conference got underway.
Prices for benchmark premium Australian coal out of Newcastle hit their weakest since September 2016 last week at $70.78 per tonne and are likely to fall further given a slowing global economy.
In top consumer China, factory activity weakened in April and May, hit hard by a bruising trade war with the United States. That accounts for some, but hardly all, of the 4.9% fall in China’s coal-fired power generation in May compared with the year before, said analyst Helen Lau at Argonaut in Hong Kong.
“Weak consumption of thermal coal is mainly because of increasing competition from hydro and other clean energy,” she said in a report.
Coal at China’s Qinhuang port has fallen as well, to $95.53 per tonne on June 10, according to price publisher McCloskey, a whisker from two year lows.
“Thermal coal is under huge pressure at this moment, even though demand should pick up during summer time,” said a coal trader based in Jingtang port. Jingtang is a major coal-receiving port in northern China.
“I cannot make money with current prices, so I am diverting my business and doing some niche products like pulverised coal now,” the trader said.
A major culprit is the expansion of the use of cheap natural gas in Europe, said an energy trader in Singapore.
“Cheap gas in the United States is moving into Europe and that is pushing coal from South Africa and Colombia across to Asia. Russia has also ramped up selling in the Pacific basin,” he said.
China’s wind-generated power grew 5.6 percent in the first five months of the year, hydroelectric power grew 12.8 percent, compared with 0.2 percent growth in LNG and coal combined, according to Commonwealth Bank of Australia (CBA).
A prolonged period of low thermal prices may signal that the global economy is decarbonising – that is, moving away from carbon-based fuels to renewables such as solar and wind power – at a faster rate than expected, said CBA analyst Vivek Dhar.
This may hurt Australia the most because developed countries, which can afford to pay more for the high-energy, less-polluting coal it produces, are decarbonising at the fastest rates, Dhar said.
Germany already sources 40% of its power from renewable energy and has set a target of 65% by 2030. Britain is set this year to use more electricity from zero-carbon sources than from fossil fuel plants for the first time.
Already, prices for Newcastle 6,000-kilocalorie coal, have slumped around 58 percent since September, compared with a more modest decline of 20 percent for 5,500-kilocalorie grades, which were last trading at $51 a tonne, according to commodities pricing agency S&P Global Platts.
“I think the Australians are going to feel it,” the Singapore energy trader said.
#Reuters
Orlando, Florida — Volatility in the global thermal coal market is the new constant as the Northern European delivered price becomes redundant and demand centers change, requiring US producers to begin to adapt their export strategies, Javelin Global Commodities CEO said Thursday.
“Exports are being affected by a supply push on one side and a demand pull on the other,” providing a strong opportunity to build the export profile of the US, Javelin’s Peter Bradley said at the Eastern Fuel Buyers Conference in Orlando, Florida.
More coal-powered generation growth is entering the global market as countries in Southeast Asia, the Middle East and West Africa build coal plants at a higher rate than Western countries are getting rid of them.
Bradley noted as examples Pakistan building a 15-MW, coal-fired power plant and receiving its first proper delivery, along with a new 6,000 MW coal plant being built along the Suez Canal.
US COMPETITION
Competing with the US will be Russian coal as the country’s exports begin to see the most growth in the global market, Bradley said.
Russian exports have grown 3%-5% each year over the past few years, and are expected to continue to grow at that rate, he noted, adding that the country has invested a lot into ports and rail, particularly in the east.
On the other hand, Indonesian coal exports will peak this year and then begin to go down as the country builds its coal fleet and uses its domestic production.
Within US basins, Central Appalachian coal will struggle the most in exports as it competes with the Russian exports into Europe and the Middle East.
Higher sulfur Illinois Basin and Northern Appalachian coal, on the other hand, will compete well in Europe and Asia, Bradley said.
NAPP coal, he noted, is becoming an Asian product as European demand dies.
Asian buyers, he said, are changing global demand dynamics as they tend to buy spot rather than term-contracts, unlike European buyers.
The coal market has become a “huge map of volatility,” and “it is here to stay,” Bradley said.
“The biggest problem going forward is not moving coal, but finding new homes for high sulfur coal,” he said.
NORTHERN EUROPEAN DELIVERED PRICE STRUGGLING
The global coal market is becoming much more focused on the Pacific region, but “unfortunately benchmark hedging is all about the Atlantic and Europe,” Bradley said, emphasizing the lack of liquidity in the European market.
“API2 is becoming less and less relevant for exports,” Bradley said. “The market needs a hedging profile today, but how do you make it?”
In prior years when the API2 dropped exports also dropped, but the correlation is weakening, Bradley said. When the API2 dropped about $40/mt, Northern Appalachian dropped only $5/mt-$10/mt.
IMO 2020
Producers, though, need “discipline,” he noted. There needs to be more consolidation in the industry, especially as demand pulls back. “Learn to crank back production at times,” he said, emphasizing the need to deal with far more uncertainty.
As the US market faces a changing dynamic, it will become a “two-tier system” as producers build mines purely for exports, Bradley said.
IMO 2020 will have a massive impact on ocean freight, Bradley noted, adding that the importance of freight costs cannot be underestimated.
“Everyone has to adapt,” he said, adding that there will be higher pricing starting in Q1 2020 and “ocean freight will be super volatile through Q4/Q1 of 2020-2021.”
It’s important for exporters to lock in long term freight and manage the volatility, and essential for exporters to have lower ocean freight pricing because coal is moving longer distances.
Source:PlattsCOal
If API2 coal prices remain low for the next several months, there may be a ripple effect across the U.S. thermal coal space as the industry grows increasingly reliant on exports and domestic demand declines, analysts said. The API2 benchmark tracks the price of thermal coal sold into Europe.
Several U.S. coal producers benefited from strong international pricing in 2018, but many observers are predicting exports will decline this year as well as in 2020. Various factors may contribute to that decrease, including lessened demand in Europe, competition from Russia and political issues between nations, but analysts said lower prices will also make it less economically feasible for domestic producers to sell abroad.
API2 prompt-month prices for thermal coal have trended more positively overall since April 2016, even exceeding $100/t several times during 2018, according to data compiled by S&P Global Market Intelligence. Since late October 2018, API2 prompt-month prices have dropped considerably, falling below $70/t at the end of March and below $60/t during the first week of April.
Coal producers have locked in much of their 2019 sales already, but the current low pricing environment could start to affect pricing in the second half of 2019 and likely more significantly in 2020 if prices remain low through the summer or into the fall, several analysts said. U.S. thermal producers generally need prices anywhere from $70/t to $80/t to compete internationally.
Gregory Marmon, a senior research analyst at Wood Mackenzie, expects coal prices will remain below $80/t through the rest of 2019, causing exports to fall year over year from 2018 levels.
“They’re going up from today’s lows,” Marmon told Market Intelligence, “but they’re not going to hit the point where … the average coal mine in the U.S. is going to be profitable.”
Impact on domestic sector
With fewer tons being sold abroad, coal companies may shift that thermal coal back to the domestic market, which could put downward pressure on steam coal pricing, especially in the Illinois Basin and Northern Appalachia, Seaport Global Securities LLC analysts Mark Levin and Nathan Martin wrote in an April 8 report. That shift could even potentially hurt lower-grade metallurgical coal pricing.
Benjamin Nelson, Moody’s lead coal analyst, said the U.S. coal sector has grown increasingly dependent on exports. The sector has historically been a swing supplier in the global market because of its distance from international customers and costs, he said, but export volumes have increased significantly the last few years, even outrunning the declining domestic thermal demand more recently. That shift has helped “firm up prices domestically.”
“If there was a meaningful pullback in export volumes, that would create pressure on the domestic market,” Nelson told Market Intelligence, adding that, given the current pricing environment, “I think we’re getting to the point where we may start to feel that a little bit.”
But the industry does not always see an immediate impact of a short-term price movement, he said. If prices stay low or drop further, the industry will discuss those challenges throughout 2019.
“If you look forward to a coal industry that’s much more heavily reliant on exports, given where the U.S. producers are in terms of cost structure, that could cause the coal industry to become more volatile,” Nelson said. “But, again, there’s a lot of other forces that are at play here …. so it’s really hard to make definitive, long-term calls on something like volatility because exports are increasing.”
Clarksons Platou Securities analyst Jeremy Sussman said the larger exporters are “fairly insulated” from low pricing in the second half of the year, while smaller companies may be more affected. Low prices over the next three or four months will begin affecting early 2020 sales.
“We can live with Q2 being weak. It’s going to be harder to live with Q3 being weak,” Sussman told Market Intelligence, adding that, “if API2 pricing stays where it’s at, then domestic pricing is not going to be immune to the downturn.”
Levin and Martin estimated that thermal coal exports accounted for 38% of Foresight Energy LP 2018 shipments, 26% of Consol Energy Inc.’s and 25% of Alliance Resource Partners LP’s, making them the most exposed to export steam fluctuations. But the Powder River Basin, which some experts say is already oversupplied, may be hit the hardest if more tons are sold on the domestic thermal market, Sussman said. This situation could be worsened if export prices remain low and some of the larger Illinois Basin producers follow through on plans to increase production this year.
“While I would say the Illinois Basin would be the most directly negatively affected region from this, the reality is if you combine more domestic Illinois Basin coal with an already fragile PRB market, this doesn’t bode well for the PRB,” Sussman said.
But Marmon noted low utility stockpile levels, which may help make room for excess Illinois Basin coal being shifted to that market. The domestic market may help counterbalance some lost opportunities abroad.
Moody’s: Price drop will not have major effect on credit
From a credit perspective, some coal companies are generating “significant excess cash flow” and investing in share repurchases, Nelson said. Given their current financial situation and contracts, a modest drop in export volumes and compression in domestic prices “doesn’t create a big credit concern across the industry, broadly speaking.”
Companies may repurchase fewer shares if they see a decrease in cash flow from exports, he noted, but that would have more of an impact on the producers’ equity price rather than their credit quality.
“We don’t have many producers that are making significant investments in new capacity for exports,” Nelson said. “There’s been a couple projects discussed, but it’s not like we’re in the middle of a big capital wave and now we’re starting to see prices come off.”
Source: spglobal.com
Houston — Weekly US coal production totaled an estimated 13.78 million st in the week that ended February 16, up 5.6% from a week earlier but down 10% compared with the year-ago week, US Energy Information Administration data showed Thursday.
It was the third time in the first seven weeks of the year that all four basins saw week-on-week increases.
The total for Week 7 was 18.3% below the five-year average and was the lowest output in the last 20 years for the corresponding week.
Utility stockpiles remain low on an aggregate basis, totaling an estimated 89.89 million st as of February 14, down roughly 26.4% compared with a year earlier, according to S&P Global Platts Analytics.
In the latest week, estimated coal production in Wyoming and Montana, which is primarily made up of production from the Powder River Basin, totaled 6.09 million st, up 5.3% week on week, but down 12.6% compared with the year-ago week.
Since January 1, the states have produced 41.04 million st, down 6.9% from the same period in 2018. Annualized production in the two states would total 315.89 million st, down 7.1% from a year ago.
In Central Appalachia, estimated weekly coal production was 1.84 million st, up 4.8% from a week earlier but 6.5% lower than in the year-ago week.
Year-to-date production in Central Appalachia is up 1% year on year at 12.56 million st and is the only major basin ahead of where it was a year ago. On an annualized basis, CAPP production would total 96.43 million st, also up 1% year on year.
Weekly coal production in Northern Appalachia totaled 1.96 million st, up 6.8% from the prior week, but 5.8% lower than the year-ago week’s figure.
Year-to-date production in the basin is down 0.4% year on year at 13.09 million st, while annualized NAPP production would total 100.58 million st, down 2.1% from last year.
In the Illinois Basin, estimated weekly coal production was 1.99 million st, up 6.5% from last week but 9.1% lower than in the year-ago week. Cumulative production in 2019 is up to 13.4 million st, down 3.3% on year, while annualized production in the basin would total 102.9 million st, down 1.8% from the estimated 2018 total.
Through the first seven weeks of the year, US coal production totaled an estimated 92.96 million st, down 4% year on year, while production on an annualized basis is expected to be around 714.72 million st, which would be down 4.8% from last year.
Edited by: S&P Global
India’s thermal coal imports rose by more than 15 percent in the first three months of 2018, with Indonesia accounting for about three-fifths of total supplies, according to vessel arrival data from Dubai-based coal trader American Fuels & Natural Resources.
India’s rising coal imports are contributing to higher demand across Asia this year, which has pushed benchmark Australian coal cargo prices above $100/t, a price not seen at this time of year in more than half a decade.
Imports rose to 39.6-million tonnes during the three months ended March 31, the data from American Fuels, a supplier of coal from the United States, showed.
That is up from 34.4-million tonnes of thermal coal during the first three months of 2017, according to Indian government data which matched the data from American Fuels.
Government data for the first three months of 2018 has not been released yet.
The American Fuels figures are broadly in line with data from an Indian-based trading company reviewed by Reuters that showed imports were 37-million tonnes in the quarter.
India will likely increase 2018 thermal coal imports after two straight years of declines because of domestic logistics bottlenecks, regulatory changes and surging power demand.
Vasudev Pamnani, a senior trader at American Fuels, said India’s demand for coal with a higher calorific value, most of which has to be imported, was increasing since buyers want more energy from the coal they purchase to offset higher prices and the logistical problems, mainly railway delays.
South Africa was the second-largest source of foreign coal during the first quarter, supplying about one-quarter of the total imports, with the United States and Australia being the next largest sources, the data showed.
Adani Enterprises, India’s largest coal trader, accounted for about one-sixth of all the imports, purchasing about 6.51-million tonnes during the period, the data showed.
The Tata Group imported 5.23-million tonnes of coal during the period with Swiss Singapore, part of the Aditya Birla Group, taking in 2.92-million and JSW Group bringing in 2.48-million.
The companies did not respond to requests for comment.
The ports of Mundra, Krishnapatnam and Kandla handled about the two-fifths of all of the imports, according to American Fuels.
The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal coal again this month.
According to the latest ministerial decree 2025 K/30/MEM/2018 dated 3 December 2018, the government has reduced Indonesian Coal Price Reference (HBA) 5.51 per cent month on month to US$ 92.51 per ton for 6322 GAR power plant coal for December 2018 delivery for exports as well domestic end-users except for Indonesian power producers. For domestic power plants HBA has fixed at US$ 70 per ton or US$ 22.51 lesser than the export price.
However, the declared Indonesian thermal coal price reference for December 2018 delivery is 1.63% lesser compared to January 2018 price.
Indonesia has capped the price of thermal coal for domestic power stations at $70 per ton (basis 6322 GAR Coal) if HBA is equal to or higher than US$ 70 per ton until December 2019 since 12 March 2018, in new rule was issued on 9 March 2018 (MEMR Ministerial decree 1395K/30/MEM/2018) and 1410 K/30/MEM/2018 dated 12 March 2018. However the HBA drops below $70 per ton, the domestic thermal coal price for power stations will revert to HBA. This special price for power plants is applicable for maximum100 million tons of coal per year.
US$ 70 price is based on coal as the same specification as in the Indonesian Coal Benchmark Price (HBA). However, domestic Power producers used to buy 4200 to 5000 GAR coal where’s US$ 70 per ton was based on 6322 GAR coal.
An increase or decrease in four coal indices such as Indonesia Coal Index (ICI), Platts-5900, Newcastle Export Index (NEX) and Global coal Newcastle Index (GCNC) will cause an increase or decrease in Indonesian coal price reference every month, as HBA is linked to those coal indices. The ministerial decree No. 2025 K/30/MEM/2018 dated 3 December 2018 has not given any details about formation of HPB.
The coal price reference in Indonesia was established to fulfill the requirement of mining Law 04/2009 and ministerial decree No.17/2010. In addition to that, it aims to increase government revenue from royalties from coal producers.
The declared Indonesia thermal coal reference price (or called HBA) for February 2016 was the lowest in 120 months or since launching of HBA by the government of Indonesia. The royalties and taxes will be calculated based on this declared HPB. Interestingly, the highest monthly average price occurred in February 2011, while the lowest coal price also occurred in February 2016. The December 2018, HBA is 81.68% higher compared to February 2016 declared price and 27.19% lower than the February 2011 price.
Indonesian coal benchmark price for December 2018 was calculated based on calorific value of 6,322 kcal/kg (GAR), stated to be using a formula based on the November 2018 index average of ICI-1 (Indonesia Coal Index) 25%, Platts-5900 25%, NEX (Newcastle Export Index) 25%, and GC (globalCoal Index) 25% and its was calculated considering coal with GCV (GAR) 6,322 kcal/kg, Total Moisture (arb) 8.00%, Total Sulphur 0.8% (arb), Ash Content 15 % (arb) and delivery free on Board (FOB) Vessel basis and apply to spot contract, delivery between 1 – 31 December 2018 or until publish an new HBA.
The highest benchmark price was declared by the Ministry of Energy & Mineral Resources of Indonesia in February 2011, and this month’s declared price is around US$ 34.54 a ton lower compared to Feb’ 11 benchmark price. In the meantime, this month’s declared price was around US$ 41.59 a ton higher compared to Feb’ 16 benchmark price, which was the lowest price ever declared by DGoMC.
The government of Indonesia was publishing a monthly coal price reference (HBA & HPB) since February 2009 to be used by coal producers for all spot as well as term contracts.
However, the official implementation of HBA was commenced since September 2011 and according to government regulation, the coal benchmark price must be used by the holders of production operation IUPs, special production operation IUP’s, and CCoWs as a reference in determining the coal selling price for a particular period.
The declared HBA in this month is valid for the spot price (loading on or before 31 December 2018 or until issuing a new HBA), while (as per previous HBA note) as for term price (up to 12 months’ supply), the average reference price (HPB) of the previous three months will be used to determine the selling price. (50% of latest month’s HPB (this month) 30% one-month prior HPB and 20% of two-month prior HPB).
The government used to declare the price marker for eight brands of Indonesia’s coal, which were most commonly traded in the market. Those eight brands act as the benchmark and used to calculate other 69 coal types with a quality similar to the coal price markers. However this time, the government was issued price for HBA and no HPB prices was published.
COALspot.com, used its own calculator which was developed based on HBA/HPB formula and terms and condition declared by DGoMC to calculate HPB prices for eight major brands and for other types of coals. The government has stopped declaring formulas or methodologies that used to calculate either HBA or HPB. COALspot.com now publishing HPB and other coal prices based on US$ 92.51 as well as US$ 70.00 for the basis 6322 GAR coal.
Source: Coalspot.com
NEW DELHI, May 11 (Reuters) – India’s thermal coal imports rose by more than 15 percent in the first three months of 2018, with Indonesia accounting for about three-fifths of total supplies, according to vessel arrival data from Dubai-based coal trader American Fuels & Natural Resources.
India’s rising coal imports are contributing to higher demand across Asia this year, which has pushed benchmark Australian coal cargo prices above $100 per tonne, a price not seen at this time of year in more than half a decade.
Imports rose to 39.6 million tonnes during the three months ended March 31, the data from American Fuels, a supplier of coal from the United States, showed.
That is up from 34.4 million tonnes of thermal coal during the first three months of 2017, according to Indian government data which matched the data from American Fuels.
Government data for the first three months of 2018 has not been released yet.
The American Fuels figures are broadly in line with data from an Indian-based trading company reviewed by Reuters that showed imports were 37 million tonnes in the quarter.
India will likely increase 2018 thermal coal imports after two straight years of declines because of domestic logistic bottlenecks, regulatory changes and surging power demand.
Vasudev Pamnani, a senior trader at American Fuels, said India’s demand for coal with a higher calorific value, most of which has to be imported, was increasing since buyers want more energy from the coal they purchase to offset higher prices and the logistical problems, mainly railway delays.
South Africa was the second-largest source of foreign coal during the first quarter, supplying about one-fourth of the total imports, with the United States and Australia being the next largest sources, the data showed.
Adani Enterprises, India’s largest coal trader, accounted for about one-sixth of all the imports, purchasing about 6.51 million tonnes during the period, the data showed.
The Tata Group imported 5.23 million tonnes of coal during the period with Swiss Singapore, part of the Aditya Birla Group, taking in 2.92 million and JSW Group bringing in 2.48 million.
The companies did not respond to requests for comment.
The ports of Mundra, Krishnapatnam and Kandla handled about the two-fifths of all of the imports, according to American Fuels. (Reporting by Sudarshan Varadhan; Editing by Christian Schmollinger)
Houston (Platts)–29 Mar 2018 157 pm EDT/1757 GMT
Weekly US coal production totaled an estimated 15.46 million st in the week that ended March 24, up 1.6% from the prior week and up 7.2% from the year-ago week, US Energy Information Administration data showed Thursday.
The Appalachian and Powder River basins saw slight increases in production, although these rises were somewhat offset by decreases in other basins. It was the third highest production estimate so far in 2018.
S&P Global Platts Analytics estimates utility stockpiles in the week that ended March 22 totaled 111.27 million st, up 0.8% from the week prior but down 32.5% compared with the same point in 2017.
Based on EIA estimates through the first 12 weeks of the year, annualized US coal production in 2018 would total 770.7 million st, flat compared with last year.
In the most recently concluded reporting week, coal production in Wyoming and Montana, which primarily consists of coal from the Powder River Basin, totaled an estimated 7.1 million st, up 3.4% compared with last week and 8.9% compared with the year-ago week.
On an annualized basis, coal production in Wyoming and Montana would total 346.1 million st, down 2.1% from last year.
In Central Appalachia, weekly coal production totaled an estimated 1.9 million st, down 1.6% from last week, but up 14.8% from last year. Annualized 2018 production would total 96.9 million st, up 8.1% from last year.
In Northern Appalachia, weekly coal production totaled an estimated 2.1 million st, up 1.1% from last week and 4.5% from the year-ago week. Annualized production would total 104.7 million st, up 0.4% from last year.
In the Illinois Basin, weekly coal production totaled an estimated 2.1 million st, down 0.7% from last week but up 2.8% from last year. Annualized production would total 105.2 million st, up 1.7% from 2018.
–Veda Chowdhury, veda.chowdhury@spglobal.com
–Edited by Keiron Greenhalgh, keiron.greenhalgh@spglobal.com
