By Jo Clarke

December 6, 2022 - January-November thermal and metallurgical coal exports from Australia's 102mn t/yr Gladstone port totalled 56.79mn t, falling by 10pc from the same period of 2021 and by 14pc from 2019.

The fall came despite a slight increase in shipments in November on strong demand from Japan.

Gladstone shipped 5.31mn t of coal in November, up from 5.25mn t in October but down from 5.58mn t in November 2021, according to Gladstone Ports (GPC) data. November was drier than average, despite it officially marking the start of the wet season in Queensland, yet mining firms did not significantly ramp up shipments from the wetter-than-average October.

The La Nina weather pattern, which often brings above-average rain to Queensland's coal fields, persists but other weather systems that added to heavy rain in October have eased. This may lead to less extreme wet weather in December.

Japan took 2.29mn t of coal from Gladstone in November, up from 1.37mn t in November and 1.8mn t in November 2021. This is the most coal that Japan has taken from Gladstone since June 2021, according to the GPC data.

Taiwan took an above-average 570,000t in November, despite taking a record 1.13mn t in October, which was almost double the previous high for the past decade of 589,817t set in October 2016. Gladstone has shipped an average of 410,000 t/month to Taiwan during January-November, up from 310,000 t/month in 2021 and 180,000 t/month in 2019.

The only European country to take coal from Gladstone in November was the Netherlands, which was a regular shipper before Russia's invasion of Ukraine, potentially indicating that European nations have less need of Australian coal than during the previous few months.

There were 30 vessels queued off the port on 5 December, which was in line with 7 November.

Argus last assessed high-grade 6,000 kcal/kg NAR thermal coal at $383.51/t fob Newcastle on 2 December, up from $362.25/t on 4 November, but down from a peak of $444.59/t fob on 9 September. It assessed the premium hard low-volatile metallurgical coal price at $256.80/t fob Australia on 5 December, down from $320.80/t on 4 November, but up from $203/t on 5 August.