Australia’s biggest coal miner Glencore has joined Coronado Global Resources in forecasting lower production costs in the six months ahead, as evidence mounts the coal sector’s inflation crisis may have peaked.

The Swiss miner’s belief that inflation was moderating came as it reported a 62 per cent slump in half-year profit to $US4.56 billion ($7 billion) on Tuesday. Glencore shares fell more than 4 per cent in London to £437.30.