Coal prices fell below $110 per tonne, retreating from three month highs as concerns over the long-term demand outlook resurfaced. At the recent COP30 climate talks in Brazil, South Korea officially joined the Power Past Coal Alliance, which aims to accelerate the phaseout of coal fired power plants. The country announced plans to shut all coal fired facilities by 2040 as part of its broader clean energy transition. The move heightened concerns among major exporters, including China, the US and Australia, that face a steep decline in demand in the coming decades. Meanwhile, top consumer China signaled it would maintain reliance on coal power for decades, targeting peak demand by 2030 and reversing earlier indications of a faster phaseout. The stance reflects continued dependence on coal across other Asian economies and in Europe, driven by volatile power supply and rising electricity demand from data centers.

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