Thermal coal crash deepens

The thermal coal crash driven by falling Chinese imports just keeps getting deeper, via the AFR:

Billions of dollars worth of Australian coal projects are under threat as slumping prices render about 19 per cent of the world’s existing seaborne thermal coal supply loss-making.

Adani’s Carmichael and Whitehaven’s Vickery mine projects were lucrative proposals in mid-2018 when thermal coal prices soared to six-year highs, and while both companies remain confident, analysts say a sharp slump in prices has challenged the projects’ viability.

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