Commodity Market Report

Global metallurgical coal market short-term outlook August 2022

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31 August 2022

Global metallurgical coal market short-term outlook August 2022

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
    • 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 9 images and tables including:

  • 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:

  • Document

    Metallurgical coal markets - short-term outlook data - August 2022.xlsx

    XLSX 485.36 KB

  • Document

    Global metallurgical coal market short-term outlook August 2022

    PDF 1.10 MB