Based on current economic and market trends, global coal consumption is forecast to rise by 0.7% in 2022 to 8 billion tonnes, assuming the Chinese economy recovers as expected in the second half of the year, the International Energy Agency’s (IEA’s) July 2022 Coal Market Update says. This global total would match the annual record set in 2013, and coal demand is likely to increase further next year to a new all-time high. This comes despite projected negligible growth in seaborne imports into both China and India with both countries ramping domestic production a great deal this year. The price of coal has tripled this year and old mining communities have been resuscitated as Europe in particular seeks alternative energy supplies outside of Russia. The full ban on imports of Russian coal into the European Union is only days away, with the competition for alternative sources set to continue to increase.
