Summary

• Australian seaborne thermal coal prices surged 35%, while South African thermal coal exported through Richards Bay rose a strong 30%.
• Japan has suspended restrictions on older and less-efficient coal-fired plants through 2027, while South Korea temporarily removed the country's 80% cap on coal-fired power generation.
• Indonesia—the world's largest coal exporter by a considerable margin—announced plans to reduce national coal production by 25% to stabilize prices and prioritize domestic supply.
• U.S. coal consumption is growing at roughly a 7% rate, the first meaningful increase recorded in nearly fifteen years, as surging electricity demand from data centers strains the power grid.
• The Dow Jones Coal Mining Index has risen roughly 700% since the commodity market lows reached in the summer of 2020, significantly outperforming the S&P 500 Index.

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