(Bloomberg) -- Goldman Sachs Group Inc. almost doubled its outlook for Asian coal prices as a global recovery in power demand and production issues in key mining countries combine to make supply scarce.
Benchmark Newcastle thermal coal will average US$190 a ton in the fourth quarter, up from a previous forecast of US$100, to meet demand in the northern hemisphere winter and taking account of a global rally in natural gas, analysts Paul Young and Hugo Nicolaci said Tuesday in a research note. The bank lifted its 2022 forecast to US$120 a ton from US$85.
Already a subscriber? Log in.
Celebrate Merdeka with 50% Off!
T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
