Commodity Market Report
Global metallurgical coal market short-term outlook August 2022
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
August is historically a quieter time for metallurgical coal markets but this month proved quite the opposite. Troughing early in August, the Queensland PLV benchmark roared back from its lowest point in 2022 , gaining 50% on a gamut of spot deals. There were many reasons to dip back in but these deals rest against a backdrop of economic uneasiness for steel demand. Chinese steel production recovered in the month, pulling up both coke and coking coal prices but is this a temporary reprieve. Wider concerns over the Chinese economy continue to weigh on steel and coal markets.
Table of contents
- Queensland benchmark price bottoms out before sustained rise
- Imports outside of Mongolia and Russia remain unappealing for Chinese end-users
- Outlook: limited upward movement but prices remain elevated
- Outlook: prices under pressure as Chinese steel market weakness permeates
-
China: demand under pressure amid bearish property market outlook
- Coke: market recovered amid resumed blast furnace operations
- India: end of monsoon season and upcoming festivities to boost demand
- Japan: increased demand rests on automobile production recovery
- Australia: rainfall eases but could be short-lived with La Niña alert
- Russia: coal export pivot to the east hindered by rail capacity
- China: Russian and Mongolian coals dominate import coal volumes
- India
- Australia
Tables and charts
This report includes the following images and tables:
- PLV FOB price, % change m-o-m
- CFR China price, % change m-o-m
- Key prices - history & quarterly forecasts (US$/t nominal)
- Indian coking coal and met coke prices
- Average monthly rainfall across Qld met coal mines
- Chinese monthly metallurgical coke exports by destination (Mt)
- Indian coking coal and PCI imports
- Queensland ports: Met coal exports (Mt per month)
- China BOF/EAF share of steel production
What's included
This report contains:
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