The price of coal used in power stations in Asia has fallen to its lowest level in three years due to fading demand in India and China, the two biggest coal consumers.
Having surged to $120 a tonne last summer, the Australian benchmark seaborne price of thermal coal has fallen 44 per cent to $61 a tonne, according to S&P Platts.
Coal’s fall is being driven by slower growth in power demand in China, the world’s largest coal consumer, as well as ample supplies of the fuel, according to analysts. The slump comes as coal faces increasing competition around the world from cleaner, renewable energy such as wind and solar, as well as cheap natural gas.
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