No Country For US Coal Miners; Citi Revises Price Targets

International Energy Agency Executive Director Maria van der Hoeven said in Paris last week that as much as half a million tons of additional coal-producing capacity could come on to the market every day for the next six years. This includes both coking coal, used in steel-making, and thermal coal required for power generation. Coking coal in global oversupply According to analysts, strong coking coal demand has been swamped by oversupply, leading to lower prices. Many coal producers committed to nexpansions or new mines in earlier years when prices were much higher, such as a $3.74B Queensland-based JV between BHP…