Currently, world
consumes more than 4000 Mt of coal. It has applications in variety of
sectors such as cement manufacturing, power generation and, iron and
steel production. Majority of the coal is used for power generation
or for iron and steel production.
Coal production is
rising in Asia Pacific region whereas Europe has witnessed a decline
in the production. The top five coal producing countries are the
U.S., Australia, China, South Africa and India. Majority of the
global coal production is utilized in the country in which it is
produced, and marginal percentage of the hard coal production is
deployed for the international coal market.
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Coal plays an
important role in power generation and is expected to continue in
future as well. It currently accounts over 35% of the world’s
electricity and this percentage is anticipated to remain same for the
next three decades. Asia Pacific is the biggest market for coal and
presently accounts over 50% of global coal consumption. Large numbers
of countries lack natural energy resources to meet their energy needs
thereby generating the need to import energy to meet their needs. For
instance, Korea, Chinese Taipei and Japan import huge quantities of
coking coal for steel production and steam coal for power generation.
Major coal producers
such as India, China and the U.S. also import large quantities of
coal for quality reasons. It is expected that coal would play a vital
role in the world’s energy mix. Growth is projected to be high for
coking coal and steam coal especially in developing Asian countries,
where demand for electricity is very high. It is traded throughout
the world, with majority of the coal shipped to large distances by
ships to cater the demand of the markets.
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Transportation costs
constitutes for a huge share of the total price of the coal, hence
international trade of steam coal is especially classified into two
regional markets such as the Pacific and the Atlantic. Western
Europe, U.K., Spain and Germany are included in the Atlantic market.
Pacific market comprises OECD Asian importers and developing
countries. Pacific market presently accounts for more than 60% of
world steam coal trade.
Throughout the
world, Australia is the largest exporter of coal; exporting more than
200 Mt of hard coal, out of its total production. Coal is considered
to be one of the most valuable export commodities in Australia.
Canada and the U.S. are significant exporters of coal and China is
emerging as key important supplier of coal.
Global coal market
is vast and diverse, with large numbers of players from each and
every continent. Coal supplies never come from a specific area, which
otherwise would make consumers dependent on stability and security of
the supplies of one particular region. Coal suppliers are spread
throughout the world and coal is traded in the international market.
Increasing
electricity demand from developing economies and rapid
industrialization are some of the key drivers of the coal market.
However, huge cost required for carrying out the coal extraction can
hamper the growth of the market. Large numbers of opportunities are
there for the coal market owing to the increasing population
throughout the world.
Some of the key
companies in the business of coal are Coal India Ltd., China Shenhua
Energy, Rio Tinto, BHP Billiton Ltd., Blackham Resources Limited,
Pacific Coal Resources Ltd., Melior Resources Inc., Altona Energy
Plc, SouthGobi Resources Limited and Anglo Pacific Group plc among
others.
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