In particular, demand for thermal coal has suffered due to cutbacks in both imports and production levels. Coking coal, which is used to produce steel, is not exactly a hot commodity either. Therefore, overall demand for coal this year is set to suffer “quite a fair bit”, says Benjamin Nelson, an analyst at Moody’s Investors Service.
The push towards cleaner renewable energy sources and weak demand for electricity during the pandemic have caused the demand for coal to
fall. What can ignite a recovery in the sector?
SINGAPORE (June 19): Coal is widely used as an alternate energy source to crude oil, especially among developing countries. But the push for more sustainable energy sources has put pressure on the fossil fuel, which now faces additional pressure from the Covid-19 fallout.
