In the Asia Pacific region, the coal market suffered from reduced demand and currency rate pressures amidst weak economic conditions. Increased mining activities boosted coal availability in the first and second quarters, but insufficient demand from downstream industries led to oversupply. New mines exacerbated the issue, causing a price decline. In Europe, varying consumer habits and higher coal supply drove prices down, and the shift to eco-friendly alternatives decreased orders in the second quarter. Similarly, in North America, excessive supply persisted, driven by ongoing mining activities. Steel and power sectors later stabilized demand, but oversupply remained a key challenge.
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Definition
Coal is a combustible black or brownish-black sedimentary rock formed from plant remains. It is primarily composed of carbon, along with various other elements and minerals. Coal is extracted from the ground through mining and has been a crucial energy source for centuries. It can be classified into different types based on its carbon content, moisture, and energy content. Coal’s properties include its energy content, hardness, color, and composition, which determine its suitability for various industrial and energy applications, such as electricity generation, heating, and industrial processes.
Key Details About the Coal Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Coal in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Coal Price chart, including India Coal price, USA Coal price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Coal Price Trend:
Coal has a range of industrial applications due to its energy-rich nature. It has historically been a vital fuel source for power generation, providing a significant portion of the world’s electricity. In industries like steel and cement production, coal is used as a reducing agent and heat source during the manufacturing process. Additionally, coal serves as a feedstock for the production of coke, a critical component in iron and steel making. It’s also employed in some chemical processes, like the production of synthetic fuels and chemicals. However, increasing environmental concerns have led to a push for cleaner alternatives, leading to a gradual decrease in its industrial usage in favor of more sustainable energy sources.
News and recent development:
In the first quarter of fiscal year 2023-24, India’s domestic coal production reached a record high of 223.36 million tonnes, marking an 8.6% year-on-year increase. This growth was mainly attributed to a robust 9.8% year-on-year increase in output by Coal India Ltd (CIL). The power sector remained the largest consumer of domestic coal during this period, accounting for 82% of total coal despatches, highlighting coal’s essential role in fulfilling India’s energy needs.
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