Commodity Market Report

Global metallurgical coal short-term outlook March 2024

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Australian PLV HCC prices dropped sharply by US$70/t to US$245/t due to oversupply and weakened demand, leading buyers to hold back amid negative steel market prospects. CFR China prices similarly fell significantly by US$55/t to US$260/t, reflecting weaker domestic prices, with Chinese domestic premium HCC prices also declining sharply by RMB500/t (US$60/t) amidst concerns over the 2024 Chinese steel market and macroeconomic conditions. Ahead of the Indian general elections, sluggish construction activity is anticipated to result in soft steel demand, subsequently impacting India's spot market. Read our report to understand: • How will prices develop in Q2 and H2 2024? • When will coal production and steel demand rebound in China? • What drivers will push down premium hard coking coal prices in 2024? • What is the outlook for Indian demand in Q2 2024?

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    Global Metallurgical Markets Short Term Outlook March 2024.pdf

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