Australia: Coking coal export shipments up 3% in H1CY'24, volumes to India dip

• Exports rise over 11% m-o-m in June
  
  
• Volumes to Japan, Korea, Vietnam drop
  
  

Australia's coking coal shipments stood at 75.5 million tonnes (mnt) in the first half of calendar year 2024 (H1CY'24) as against 73.3 mnt in H1CY'23, rising 3% y-o-y, as per data maintained with BigMint. However, exports rose over 11% m-o-m to 14.43 mnt in June 2024 as against 12.97 mnt in May 2024.

Shipments recovered later in March-June post-weather disruptions faced earlier in the year in Australia. Also, approaching of the fiscal year-end added to the volume pick-up.

Exports to India, Japan, Korea drop

In the first half of CY'24, export dynamics to key Asian markets saw notable shifts. Shipments to India dipped to 19.12 million tonnes (mnt) from 20.44 mnt in H1CY'23, marking a 6.5% decline y-o-y. Concurrently, exports to Japan saw a slight downturn, settling at 15.75 mnt in H1CY'24 compared to 15.91 mnt in H1CY'23, reflecting a 1% y-o-y dip. Similarly, South Korea recorded reduced imports at 8.41 mnt in H1 CY'24 versus 9.10 mnt in H1CY'23, showcasing a 7.58% decrease.

Conversely, exports to China surged dramatically, jumping to 6.56 mnt in H1CY'24 from 2.16 mnt in H1 CY'23, a striking 203.7% increase y-o-y.

Meanwhile, shipments to Vietnam experienced a substantial decline, falling sharply by 42.52% to 3.69 mnt in H1CY'24 from 6.42 mnt in H1CY'23 y-o-y.

DBCT continues to remain largest load port, volumes drop

In the first half of CY'24, port activities showcased diverse trends across key locations. The Dalrymple Bay Coal Terminal (DBCT) saw a slight decline in coking coal shipments, loading 24.05 mnt compared to 24.37 mnt in H1CY'23, marking a 1% y-o-y decrease. Meanwhile, Gladstone Port experienced robust growth, handling 22.32 mnt in H1CY'24, up from 20 mnt in the previous year- a significant 11.44% y-o-y increase in coking coal exports.

Conversely, Haypoint Port recorded a decline in loading volumes, handling 18.05 mnt in H1CY'24 versus 20.16 mnt in H1CY'23, indicating a 10.47% y-o-y decrease. Similarly, Port Kemble reported reduced activity, loading 2.29 mnt in H1CY'24 compared to 2.53 mnt in H1CY'23, representing a 9.47% y-o-y drop in shipments.

Price trends: Australian coking coal prices drop in H1CY'24

Australian coking coal prices dropped by 30% in H1CY'24 to $150/t FoB as against $225/t FoB seen in H1CY'23. Prices dropped on easing demand and low buying interest from major Asian countries.