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WoodMac comments on Glencore capping global coal production

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World Coal,

In response to Glencore's announcement to cap global coal production, Wood Mackenzie's Research Director Prakash Sharma said:

"Glencore is a major coal producer and world's largest exporter of thermal coal. We estimate it had a market share of nearly 25% in the seaborne trade last year. It also has a dominant position in the premium thermal coal segment. In that regard, capping coal production is significant because prices could remain high amid tighter supplies. Glencore is chasing value over volume.

"In a 2-degree scenario, premium thermal coal demand is expected to be resilient compared to other coal types. That means companies holding on to high energy thermal coal assets stand to gain and will realise higher prices. Glencore sits comfortably in that space due to its competitive cost position."

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