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Coal:Newcastle coal futures, the benchmark for top consuming region Asia, consolidated above the $400-per-tonne mark and just 45 dollars shy of its record peak, supported by continued robust demand against a tightening market backdrop.

Along with increasing demand for power generation with a resumption in economic activity after the coronavirus-induced slump, soaring natural gas prices in Europe and Asia in late 2021 boosted coal consumption.

On top of that, Russia’s invasion of Ukraine and the unprecedented economic sanctions, including the EU’s ban on coal imports from Russia, have thrown the global energy market into chaos.

At the same time, it also promoted a change in trade flows as the EU and Japan sought alternative supplies from Australia, Colombia, Indonesia, South Africa, and the United States. Still, soaring production from top consumers China and India should ease a global supply deficit and help cool down prices in the long term.

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