Coal prices climbed above $117 per ton, reaching their highest level in a year as strong demand for power generation, particularly from top consumer China, continued to underpin the market. China is set to bring more than 100 coal-fired power generators online this year, in addition to over 400 units currently under construction, to supply electricity domestically and for export. China, by far the world’s largest coal consumer, producer and importer, continues to rely heavily on the fuel to power its economy alongside the rapid expansion of renewable energy, even as Beijing has pledged to begin phasing down coal use before 2030. Rising global electricity demand, driven by artificial intelligence data centers and electric vehicle charging, has also boosted coal consumption. Meanwhile, output from Indonesia is expected to fall to about 600 million tons this year from nearly 800 million tons last year, amid weaker imports from China and India.
