US thermal coal exports rose again in September, led by greater sub-bituminous coal shipments to Asia and increased bituminous coal volumes to north Africa.

Total US thermal coal exports increased to 4.58mn short tons (4.15mn metric tonnes) in September from 4.28mn st a year earlier, preliminary data from the US Commerce Department showed on 5 November. September was the third consecutive month of year-on-year increases for international US steam coal shipments and the sixth time in 2024 that monthly volumes topped 2023 levels.

Some of the September increase was from sub-bituminous coal exports, which reached a five-year high of 788,914st. Shipments of this type of coal also were 73pc higher than they had been a year earlier, when western US shippers were still encountering some issues in transporting coal and some key buyers had lower coal demand.

All of the sub-bituminous coal that left the US in September was headed to South Korea, Singapore and Japan, in line with recent trends of nearly all US sub-bituminous exports going to Asia.

For bituminous thermal coal, US exports to north Africa jumped, suggesting buyers there were continuing to diversify supply. Shipments to Egypt in September more than doubled on the year prior to 431,883st, and volumes to Morocco rose by 10pc to 444,871st. In the year through September, US thermal coal exports to Egypt have lagged 2023 levels only twice, while volumes to Morocco were up eight out of nine months.

Elsewhere, steam coal shipments to Europe appeared to be stabilizing following precipitous year-on-year declines over the previous 12 months. US exports to the continent totaled 825,161st in September, down by 2.4pc on the year prior. That was the smallest year-on-year decrease for US thermal coal shipments to Europe since volumes started declining in August 2023.

Some European utilities started making spot coal purchases in late-August and September in preparation for the winter heating season after drawing down existing stockpiles. By the end of September, inventories at the Amsterdam-Rotterdam-Antwerp transshipment hub were at their lowest levels in almost four years. They then started to recover as more coal cargoes arrived, though much of the coal was coming from Colombia and South Africa.

While US steam coal exports to the Netherlands in September were 17pc lower than they had been a year earlier, they still reached an eight-month high of 449,775st. US shipments to Germany also were down from what they had been in September 2023. But exports to Belgium, Poland and Italy rose.

In addition, US thermal coal shipments to Turkey reached a 14-month high of 110,231st.

US steam coal shipments to Brazil, Canada, the Dominican Republic and China also extended year-on-year gains in September, but volumes to India declined for a second month, leading overall US thermal coal exports Asia to dip to 2.5mn st from 2.59mn st a year earlier.

Indian cement makers have been taking less imported coal as petroleum coke prices hold below coal prices. US thermal coal exports to the country dropped to 988,688st in September from 1.63mn st a year earlier.

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