EIA: US coal exports to rise 2.8% YoY in 2024

This was adjusted up from an estimation of 98.7 million short tons for this year revealed in EIA's earlier report issued in May, as the Port of Baltimore fully reopened on Monday with the Fort McHenry Federal Channel operational again, Mysteel Global notes. The channel closed to vessel traffic on March 26 after a cargo ship crashed into one of the bridge's support columns, causing the bridge to collapse, as reported.

By coal type, the US exports of metallurgical coal are predicted to be 49.8 million short tons this year, down by 2.9% on year. Exports of steam coal, however, will rise 8.9% on year to reach 52.8 million short tons in 2024, according to EIA's new report.

The report also estimates that the US coal supply in 2024 may see a marked 12.4% decline compared with the previous year to reach 506.1 million short tons, with the figure for 2025 further down to 500.3 million short tons.

This year, the country may consume a total of 420.1 million short tons of coal, meaning a 1.5% drop on a yearly basis. Within the total, coal use by its power sector is predicted to dip 1.6% on year to reach 381 million short tons, while that by the coke sector may rise 2.5% to 16.2 million short tons, according to the report.

Besides, the report predicts that US power consumption in 2024 could rise by 2.8% on year to reach 4.11 trillion kilowatt hours (kWh). This is slightly higher than a prediction of 4.1 trillion kWh made by the EIA in May.

Written by Tammy Yang, yangfangb@mysteel.com

Edited by Alyssa Ren, rentingting@mysteel.com