News
13/05/26
War’s effect on US steam coal exports muted in March
Washington, 13 May (Argus) — US thermal coal exports continued to lag
year-earlier levels at the end of last quarter, even as the onset of the
US-Israeli war with Iran and concerns about gas shortages caused global coal
prices and demand to spike. An estimated 4.29mn short tons (3.89mn metric
tonnes) of US steam coal and anthracite departed ports in March, preliminary
figures released by the Commerce Department last week show. That was down by
1.9pc from a year earlier. The Commerce Department data suggest there may have
been some boost from greater international interest in coal in the immediate
aftermath of the war in the Middle East, but that most of the effect was either
limited or delayed. March's year-on-year decrease was the smallest since thermal
coal exports consistently started declining in May 2025. Shipping data from
analytics firms AXS Marine and Kpler indicate US steam coal exports last month
may have been above year-earlier levels. Some producers have said recently that
they made additional export sales for shipments later in 2026 and even 2027 when
prices jumped in the immediate aftermath of the war. They also noted that
seaborne markets in April and May were less attractive, and some companies
expected continued price volatility in reaction to developments in the conflict.
US thermal coal exports in March were skewed by a 14pc drop in shipments to
India — the US' largest steam coal trading partner — as well as fewer exports to
Pakistan, Brazil, Spain, Indonesia and Italy. Shipments to most other countries
were higher in March than they had been a year earlier. March was the second
straight month that US thermal coal exports to India declined from year-earlier
levels. While coal held a competitive advantage over petroleum coke for cement
makers in India, supply of Northern Appalachian coal last quarter was tight.
Shippers of Northern Appalachian coal also appear to have shifted focus to
buyers closer to the Atlantic basin. US thermal coal exports out of Baltimore,
Maryland — the main exit point for international Northern Appalachian coal — to
Morocco, Egypt, the Netherlands and the Dominican Republic increased. In the
first quarter as a whole, US thermal coal exports to most countries were lower
than they had been a year earlier. That said, US exports to Morocco, the
Netherlands, Japan, Egypt, Germany and the Dominican Republic were all higher in
March than in the same month of 2025, Commerce data show. US thermal coal
exports for the entire first quarter of 2026 fell to 10.4mn st from 11.7mn st.
Nearly all of the decrease in thermal coal exports was associated with
bituminous steam coal, which fell to 3.64mn st in March and 8.56mn st for the
first quarter from 3.95mn st and 10.3mn st a year earlier. Sub-bituminous coal
exports rose to 556,949st in March, the most since September 2024, and 1.63mn st
in the first quarter from 356,452st and 1.24mn st a year earlier. More than half
of the sub-bituminous coal exported in March was en route to South Korea.
Another 197,570st was listed as going to Singapore and trace amounts went to
Belgium and Mexico. South Korea also was the primary destination for US
sub-bituminous coal exports in the first quarter, followed by Japan, Singapore
and a handful of other countries. US shipments of anthracite, lignite and other
non-metallurgical coal also increased from a year earlier in March and in the
first quarter. In addition, metallurgical coal exports climbed from year-earlier
levels. This primarily reflected increased production. Overall US coal exports
edged up to 9.34mn st in March from a little under 9.3mn st a year earlier. But
for the first quarter as a whole, exports fell to 23.7mn st from 24.4mn st. By
Courtney Schlisserman US coal exports from major districts st Export District 1Q
2025 1Q 2026 Baltimore, Maryland Metallurgical 2,061,044 1,766,659
Non-metallurgical 4,603,208 4,946,017 Los Angeles, California 245,199 330,809
Mobile, Alabama Metallurgical 2,366,300 3,450,317 Non-metallurgical 191,694
458,905 New Orleans, Louisiana Metallurgical 93,254 67,506 Non-metallurgical
3,382,029 1,880,389 Norfolk, Virginia Metallurgical 8,087,016 7,917,944
Non-metallurgical 1,523,306 548,185 Seattle, Washington 1,155,684 1,626,952 — US
Commerce Department US steam coal exports by continent st Send comments and
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