Glencore Cuts Coal as Market Glut Smothers Prices ...Middle East

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Glencore Cuts Coal as Market Glut Smothers Prices
source : OILPRICE ( Middle East ) () 75
Turns out the coal party might be winding down early—at least for Glencore. The world’s biggest exporter of thermal coal has finally said “enough is enough” and announced it’s cutting output at its Colombian Cerrejon mine by up to 10 million tons this year. That’ll leave production somewhere between 11 and 16 million tons, depending on how grim things get. Coal prices are in the gutter. Newcastle coal futures have sunk to around $100 per ton, a far cry from the $450 highs we saw in 2022 during the post-invasion…

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