COAL

摘要

The US has long functioned as a swing supplier in international coal markets, bringing volatility to trade volumes in the Atlantic (particularly for Panamax vessels). The chart, right, outlines the peaks and troughs of exported US coal volumes over the past decade in response to the rises and falls in steam and coking coal prices. Last year's 99.6 Mt for all coal types (excluding assumed overland movements to Canada) represented a near doubling from 2016. However, this year has seen the trend reverse: the 3q19 was the lowest quarter for total seaborne US coal exports since 2016, whereas last year featured the strongest 3q since 2012.