After years of strong demand, thermal coal exporters are facing a rare moment of reassessment. The problem is that these opportunities have become limited, confined to a narrow number of emerging markets. This heavy blow has led to a total decline in thermal coal exports by about 33 million tons, equivalent to a loss. Global exports recorded their first annual contraction since the COVID-19 pandemic disrupted demand in 2020, prompting these exporters to seek new expansion opportunities. Data from 'Kepler', a company specializing in commodity information, showed that in 2025, half of the top ten thermal coal importers reduced their purchases compared to the previous year, including the top three buyers, who collectively cut their imports by about 50 million metric tons.
