HIGHLIGHTS

Thermal coal exports to India more than double at 14.1 million mt

Other top destinations are the Netherlands and South Korea

Aggregate met and thermal exports are 17.7% higher than 2022

The US exported 44 million mt of thermal coal in 2023, up 26.4% from 2022, according to US Census Bureau data released Feb. 7.

Baltimore was the top thermal coal loading port in 2023 at 17.1 million mt, followed by New Orleans at 9.8 million mt. Other top thermal coal loading ports in 2023 were Norfolk at 5.6 million mt; Seattle, 5.5 million mt; and Mobile, 2.7 million mt.

FOB Baltimore 6,900 kcal/kg NAR coal averaged $98.77/mt in 2023, down from $216.64/mt in 2022. Platts Feb. 7 assessed FOB Baltimore 6,900 kcal/kg NAR coal unchanged on the session at $81.10/mt. The latest assessment was based on market fundamentals and broker indications of value at $77/mt and $83/mt, tested in the market through 11:30 am ET.

FOB New Orleans 6,000 kcal/kg NAR coal averaged $94.61/mt in 2023, compared with $208.62/mt in 2022. Platts assessed FOB NOLA 6,000 kcal/kg NAR coal unchanged on the session Feb. 7 at $77.10/mt, based on market fundamentals and broker indications of value at $72/mt and $80/mt, tested in the market through 11:30 am ET.

The FOB West Coast North America 5,750 kcal/kg NAR netback has averaged $101.29/mt since its launch June 28, 2023. Platts assessed the FOB West Coast North America coal price at $103.95/mt on Feb. 7, up 40 cents on the session. The Feb. 7 assessment at $103.95/mt was based on the Platts NEAT price at $119.23/mt minus $15.30/mt Panamax shipping from Roberts Bank, Canada, to Japan.

India was by far the top destination for US thermal coal in 2023 at 14.1 million mt, up from 6.4 million mt in 2022. The Netherlands received the second highest volume at 4.7 million mt, down from 5.8 million mt in 2022. South Korea was the third-ranking destination for 2023 US thermal coal exports at 4.4 million mt, compared with 3.6 million mt of thermal coal to South Korea in 2022. After South Korea, the most common destinations for US thermal coal were Japan at 4.3 million mt; Morocco, 3.5 million mt; and Egypt, 2.9 million mt.

Full-year 2023 US thermal coal exports at 44 million mt consisted of 38.9 million mt of bituminous coal and 4.3 million mt of subbituminous coal. The remaining volume was an aggregate of other thermal coal types, such as lignite. Bituminous coal exports were 28.2% higher year on year in 2023. Subbituminous coal exports rose 14.5% above the year-ago period in 2023.

December US thermal coal exports were 5.6% higher on the month and 30.2% higher on the year at 3.9 million mt. The top destinations for December US thermal coal exports were India at 1.2 million mt; China, 532,207 mt; and Japan, 407,923 mt.

Combined US metallurgical and thermal coal exports rose 17.7% year on year to 90.5 million mt in 2023. Of that volume, 51.4% was met coal and 48.6% was thermal coal. The US exported a combined 7.7 million mt of met and thermal coal in December, which was 2.7% higher on the month and 28.1% higher on the year. December US coal exports consisted of 49.6% met coal and 50.4% thermal coal.

The US exported 46.5 million mt of metallurgical coal in 2023, which was 10.5% higher than 2022 met coal exports. December met coal exports declined 0.1% on the month to 3.8 million mt. Compared with December 2022, met coal exports were 26% higher.

Platts is part of S&P Global Commodity Insights.

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