Newcastle thermal coal at $132/mt enters June with the Pacific basin seaborne market in its tightest structural position since 2022. Indonesia's enforced 190 Mt production cut has removed nearly a quarter of global export supply. Japan and South Korea have boosted high-CV Australian coal imports by 40% YoY as the Middle East LNG crisis drives utility-scale fuel-switching. Procurement teams securing H2 volumes face clear upside risk through Q3.
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