Within the next two decades, India's demand for coal to fire its power stations will dwarf that of China and Japan. Picture: Lyndon Mechielsen Source: The Australian
FORGET coal price forecasts for 2013 in tonnes -- think quadrillion British thermal units in 2035.
That is how Foster Stockbroking projects demand in its latest coal sector review.
The startling figure concerns India. By 2035, it will buy from foreign miners coal equivalent to 7 quadrillion BTUs, compared with Chinese imports 23 years hence being below 4 quadrillion. Japan's demand will decline but the other big market will be Korea and Taiwan, approaching 6 quadrillion BTUs.
So far as thermal coal is concerned, as we reported online on Friday, St Louis-based Peabody Energy is forecasting that new coal-fired power stations coming on line this year will add 300 million tonnes to demand.
By 2017, coalminers will have to dig another 1.3 billion tonnes to fuel new power plants.
The Australian
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