Insight
Global metallurgical coal markets: Things we learned or reinforced in 2020
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Report summary
2020 brought enormous changes to the metallurgical coal markets, the largest of which were demand erosion from the pandemic and the Chinese ban on Australian imports. After mid-year, recovering demand led to price improvement. The October ban on Australia upset the cart, leaving the seaborne market awash with coal. While non-Australian coal prices rose as China scrambled to fill the supply void, prices collapsed. The ban spilled over to 2021 and will be a variable to consider over the year.
Table of contents
- The pandemic response highlights steel’s special status
- China’s power over the trade is greater than ever
- Trade bans hurt almost everyone
- Initial replacement of Australian coal to China, not easy, but not impossible
- The fragility of supply is exposed again
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