Commodity Market Report

Global metallurgical short-term outlook July 2023

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Prices saw some support in July from a more upbeat sentiment in China, which we expect to be maintained over the next months. This will help support the market during a time when Indian steelmakers have lowered their buying due to planned outages during the monsoon season. At the same time, Australian miners are lowering their production guidances for the coming year. We have revised our benchmark price forecast for the second half of the year to an average of US$231/t. It will imply an annual price for Australian PLV FOB of approximately US$262/t in 2023. Read our report to understand: • How will the turnaround in Chinese sentiment support the global met coal markets? • What is the timeline for the Indian post-monsoon recovery? • What do the updated production guidances mean for Australian supply?

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    Global Metallurgical Markets Short Term Outlook July 2023.pdf

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