Commodity Market Report
Global metallurgical coal short-term outlook February 2019: Market ignores bombardment of bad news
Report summary
Bleak news of Chinese port bans and the spectre of climate change matched the mid-winter northern hemisphere weather this month. But the negativity couldn't break the sunny disposition of premium HCC markets. Prices rose on the back of tight supply, particularly in Australia, where a week-long port closure at Abbot Point combined with some mine and rail related constraints. Some anxiety is natural given the nature of news from China this month, but miners continue to look positively on the future, with many accelerating plans to bring on new supply.
Table of contents
- Price forecast for 2019 premium Australian LV at US$193/t
- PCI and semi-soft prices have remained flat
- Australia’s January exports rise, but should be down in February
- Rocky Hill project appeal raises spectre of climate change reality
- Glencore caps total coal production at 150 Mtpa
- Moranbah North idled due to injury
- Arch to start producing HVA at Leer South
- North Central Resources still plans to open HV mine
- CONSOL on the cusp of opening Itmann LV mine
- Warrior outlines options for developing Blue Creek min e
- Donkin mine in eastern Canada resumes production
- Hancock Corporation bids for full ownership of Riversdale Resources
- JSW moves closer to closing Bhushan Power and Steel
- India could extend deadline on steel import rules for automakers
-
Brexit - uncertain outcomes as deadline approaches
- The scenarios that the UK steel producers face can be summarised as follows:
- No deal
- Deal (or remain)
- EU steel safeguarding measures set in place
- Steel output stable in January compared to December
Tables and charts
This report includes 6 images and tables including:
- Key Prices - history and quarterly forecasts (US$/t, nominal)
- Queensland Ports: metallurgical coal exports (Mt)
- Global and Chinese crude steel production (Mt)
- Crude steel production - other major producers (Mt)
- Global and Chinese blast furnace hot metal production (Mt)
- Blast furnace hot metal production - other major producers (Mt)
What's included
This report contains:
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