Coal exports may rebound as prices fall below LNG in Asia

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  Asian thermal coal is about 80% cheaper than liquefied natural gas, raising the prospect of a rebound in global coal exports late in the year.

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  The price gap between coal and LNG is at its widest in four years.

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  Coal imports are forecast to rise in China, Japan and South Korea as winter heating demand increases.

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  Global thermal coal exports are expected to fall for a second consecutive year in 2026, despite the possible fourth-quarter increase.

Who

Coal exporters and importers, particularly in China, Japan and South Korea.

What

Global coal exports may rebound in the fourth quarter as coal becomes cheaper than LNG.

When

The fourth quarter of 2026, during the winter heating season.

Where

Asia, with China, Japan and South Korea identified as major import markets.

Why

Coal is about 80% cheaper than LNG, while winter heating demand is rising.

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