Weak Exports Continue to Darken Coal Stocks
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Coals stocks and Market Vectors Coal ETF (NYSE: KOL) declined over the past month, adding to losses that have taken the ETF down over 31 percent year-to-date, as demand for coal declines.
In May, coking coal exports decline 14 percent due to weaker demand, according to a report by Nomura equity research. Shipments to Asia declined the most, as buyers in South Korea and Japan have mostly stayed away from the U.S. coking coal. This was partially offset by increased buying interest from China. Thermal coal exports have also declined, with shipment to Europe falling dramatically.
Patriot (NYSE: PCX) shipments doubled during the month as PCX sold 117kt out of Baltimore to China, its first increase in 2 years. Consol (NYSE: CNX) coking coal volumes also improved during May, with Baltimore sales increasing from 30kt to 159kt on increased shipments to Europe and Brazil.
Both Alpha (NYSE: ANR) and Arch (NYSE: ACI) sales suffered in May due to weakness in exports to Asia. ACI saw exports to China, Korea and Japan disappear, while sales to India declined by 62 percent.
In May, coking coal exports decline 14 percent due to weaker demand, according to a report by Nomura equity research. Shipments to Asia declined the most, as buyers in South Korea and Japan have mostly stayed away from the U.S. coking coal. This was partially offset by increased buying interest from China. Thermal coal exports have also declined, with shipment to Europe falling dramatically.
Patriot (NYSE: PCX) shipments doubled during the month as PCX sold 117kt out of Baltimore to China, its first increase in 2 years. Consol (NYSE: CNX) coking coal volumes also improved during May, with Baltimore sales increasing from 30kt to 159kt on increased shipments to Europe and Brazil.
Both Alpha (NYSE: ANR) and Arch (NYSE: ACI) sales suffered in May due to weakness in exports to Asia. ACI saw exports to China, Korea and Japan disappear, while sales to India declined by 62 percent.
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