Whitehaven Coal Ltd (ASX: WHC) shares are having a roller coaster day today.
The coal producer's shares are rising 5.58% and are currently trading for $9.65. For perspective, the S&P/ASX 200 Index (ASX: XJO) is rising 3.64% today.
Let's take a look at what is impacting Whitehaven shares today.
Whitehaven shares fall, then surge
Whitehaven shares were in the red in earlier trade, falling 0.55% on yesterday's close to $9.09.
Coal prices fell 8% overnight to US$399 per tonne after China pledged to raise coal production by 300 million tonnes.
Following the early drop, Whitehaven shares picked up amid news that Australian thermal coal exports will rise in FY23.
In an Industry Department quarterly resources and energy report, the Federal Government tipped that Australia's total coal export value will hit $120 billion in the 2023 financial year.
Thermal coal export values are forecast to rise nearly 35% from $46 billion in FY22 to $62 billion in FY23. Meanwhile, the metallurgical coal export value is tipped to fall 12% from $66 billion to $58 billion.
The report predicted the metallurgical coal price would drop from US$404 per tonne in FY22 to US$283 per tonne in FY23.
However, thermal coal is tipped to lift from US$245 a tonne in FY22 to US$309 a tonne in FY23.
Whithaven share price snapshot
The Whitehaven share price has exploded 270% year to date, while it has risen 186% in the past year.
In contrast, the ASX 200 has shed 10% in the year to date and 8% in the past year.
Whitehaven has a market capitalisation of about $9.2 billion based on the current share price.
