Weekly SA coal report
The weakness continued across global energy markets last week, in a stark reminder that a spike upwards is generally followed by a spike down. Easy come, easy go.
All coal markers, including the Chinese domestic market, fell quite heavily in a sustained sell off. China has recently intensified measures to improve supply and curb speculation and hoarding, aiming to cap 5500 NCV material at around $69 ex-mine.
Markets will likely be quiet this week as the COP26 climate summit is under way in Glasgow. Delegates are looking to South Africa to provide a template for supporting just transitions around the planet, with Eskom hoping for green finance of upwards of $30-billion to accelerate its move away from coal.
McKinsey & Co have also chimed in, saying that South Africa might need $2-trillion to transition away from coal.
Meanwhile, researchers in New Mexico have discovered that plain old citric acid is highly effective at reclaiming rare-earths from coal ash, making coal miners potentially competitive with Chinese rare earth element miners. This forms part of our own work in researching new and regenerative uses for coal land.
Freight prices have collapsed from their highs although levels remain robust during the traditionally strong Q4-season. Winter across the Northern hemisphere is expected to be colder and longer than normal, thus we expect fossil fuel energy prices to remain relatively robust well into the start of 2022.
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