Commodity Market Report

Global metallurgical short-term outlook September 2023

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Australia’s supply struggles were again exposed by a truck suspension at Peak Downs and further port constraints in Queensland. This shortfall in premium-hard coking coal elevated spot prices by US$60/t in September, despite moderate demand. We expect PHCC prices to remain above US$300/t in the final quarter of 2023, driven by higher Indian demand after the monsoon season.

Table of contents

  • Price jump driven by supply shortages and a lack of confidence in Australia’s ability to increase output
  • Indian demand set to return, while Europe moves into seasonal decline
  • Higher prices to remain for longer than we had previously forecast as supply problems persist

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    Global metallurgical short-term outlook September 2023

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