US coal exports fell 3% to 2,028,124 metric tons in the week ended Sept. 27, down from 2,086,231 mt the prior week, as metallurgical and thermal coal moved sharply in opposite directions, S&P Global Commodities at Sea data showed Sept. 29.

Metallurgical coal shipments jumped 23.63% week on week to 1,091,574 mt. Thermal coal shipments fell 22.17% to 936,550 mt, as several destinations that had driven the previous week's volumes went quiet.

The buyer structure diverged just as sharply. Met coal spread across a wider set of destinations even as volumes rose, while thermal coal narrowed around fewer buyers even as volumes fell.

Pricing stayed flat through the turmoil. Platts assessed FOB Baltimore 6,900 kcal/kg NAR coal at $97/mt on Sept. 29, unchanged from the previous session. FOB New Orleans 6,000 kcal/kg NAR held at $92/mt in the Gulf Coast, also unchanged.

Why did India suddenly top the met coal rankings?

India's emergence as a met coal buyer drove much of the shift in the coking coal trade. The country took no US met coal the prior week before becoming the top destination at 340,839 mt.

Brazil, last week's leader, slipped to second at 180,635 mt, down 49% from 354,785 mt. Japan entered the ranking in third at 157,529 mt. The Netherlands rounded out the top four at 106,614 mt, down 56% from 241,159 mt.

The wider destination list included:

• Germany and Finland entered at 80,387 mt and 62,329 mt respectively
• France edged higher to 55,624 mt from 52,184 mt
• Turkey's intake collapsed to 48,517 mt from 192,174 mt
• Italy and Canada appeared as new destinations at 31,194 mt and 27,906 mt
• Argentina, which took 42,634 mt the prior week, recorded no volumes

For dry bulk operators serving the Atlantic, the mix matters: Hampton Roads led met coal loadings at 694,493 mt, up from 605,712 mt, ahead of Mobile at 248,503 mt, down from 277,224 mt. Baltimore and Toledo both entered the loading rotation at 120,672 mt and 27,906 mt.

Which shippers gained and lost?

Javelin led met coal shippers at 280,271 mt, up sharply from 54,746 mt, followed by Alpha at 260,863 mt, up from 178,636 mt. Undisclosed shippers moved 198,935 mt, up from 25,425 mt.

Robindale entered the rankings at 78,547 mt. Integrity eased to 65,989 mt from 77,859 mt. WMC, last week's top shipper, fell sharply to 60,411 mt from 222,478 mt, and Core Natural Resources slipped to 58,459 mt from 79,712 mt. Ramaco entered at 49,889 mt, Pocahontas rose to 27,812 mt from 25,675 mt, and Coronado dropped to 10,398 mt from 80,421 mt. Blackhawk, Argos Resources and CME all recorded no met coal shipments.

What happened to thermal coal demand?

The Netherlands leaped to the top of the thermal destination list at 346,597 mt, more than four times the 85,295 mt it received the prior week. Morocco followed at 229,907 mt, up 53% from 149,941 mt. India, last week's top thermal buyer, fell to third at 187,737 mt, down 55% from 417,706 mt.

Japan entered at 77,494 mt and Canada took fifth at 64,534 mt, down from 93,092 mt. Peru appeared for the first time at 30,281 mt.

Spain, Chile, Thailand, Egypt, Guatemala, Togo and the Dominican Republic — all active thermal destinations the prior week — recorded no shipments in the latest period. That kind of wholesale exit from the destination list points to lumpy, cargo-driven demand rather than a structural shift in any single trade lane.

Baltimore remained the top thermal loading port despite a steep drop to 376,953 mt from 601,550 mt. The Port of South Louisiana followed at 298,507 mt, up from 276,478 mt, while Long Beach re-entered the rankings at 116,775 mt. Hampton Roads loaded 79,763 mt, up from 75,117 mt, and New Orleans and Richmond, California — both new to the list — loaded 34,271 mt and 30,281 mt. Plaquemines and Greater Baton Rouge recorded no thermal loadings.

Who leads the thermal rankings?

SunCoke Energy topped thermal shippers at 298,507 mt, up from 214,144 mt, followed by Core Natural Resources at 226,826 mt, up from 112,394 mt. Undisclosed shippers fell sharply to 181,327 mt from 514,141 mt. Javelin and Jera both entered the thermal rankings for the first time, at 150,127 mt and 79,763 mt.

Consol, the second-largest thermal shipper the prior week at 362,616 mt, recorded no shipments in the latest period, the CAS data showed — the single most consequential absence in the thermal segment.

With spot assessments holding flat at $97/mt FOB Baltimore and $92/mt FOB New Orleans, the coming weeks will show whether the thermal rebound depends on Consol's return to the loadings and whether India's met coal buying represents a sustained Atlantic demand shift or a one-week burst.