Global metallurgical coal short-term outlook February 2024 Report

Commodity Market Report 29 February 2024

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Report summary

Australian PLV HCC prices eased in February as steady supply from North America supplemented higher supply from Australia. PLV HCC price faces downside pressure as supply is expected to improve from Australia in Q2. Soft steel demand due to sluggish construction activity ahead of the general elections may weigh further on India’s demand for spot coal. A Chinese domestic supply shortfall will keep CFR China prices elevated at US$310/t until Q1 2024 and provide a price floor at US$300/t FOB until April 2024. Read our report to understand: • When will coal production and steel demand rebound post-Chinese New Year? • What drivers will push down premium hard coking coal prices in 2024? • What is the outlook for Australian and Russian supply in 2024? • How will prices develop in H1 and H2 2024?