Australian miners hit by biggest thermal coal price drop in more than a decade

Drop comes as usage in Europe and the US declines and China tightens use of imported coal

Australian coal exporters have experienced the biggest annual drop in thermal coal prices in more than a decade during 2019, raising doubts about industry projections that demand will continue to grow.

The spot price of thermal coal, which is burned to generate electricity, was US$66.20 ($95) last week, down more than a third from US$100.73 ($145) a year earlier.