Insight
Global metallurgical coal markets: Things we learned or reinforced in 2020
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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