Commodity Market Report
Global metallurgical coal short-term outlook June 2023
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Report summary
June’s price strength is expected to be short-lived, with no structural improvement in demand expected. Prices will edge lower in the next two months with some pockets of demand from ex-Chinese markets. Chinese buyers will remain on the sidelines, given lower domestic prices. We have revised our benchmark price forecast for the second half of the year to an average of US$219/t. It will imply an annual price for Australian PLV FOB of approximately US$256/t in 2023. Prices will ease further to US$208/t in 2024 as an increase in supply will meet weak demand. Read our report to understand: • Will pricing strengths extend into the summer months, or is a downward correction ahead due to seasonal demand weakness? • When will steel demand improve in key countries such as China and India? • How are disruptions affecting Australian supply?
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