Metallurgical coal: 5 things to look for in 2025

The past year has been volatile for the metallurgical coal markets as deep-seated economic concerns in China's property sector reverberated across the steel and steelmaking raw material markets. This coming year will also see some more key developments, both as current trends continue to unfold, and as new ones begin to take stride. In this Insight, we will assess the outlook for the metallurgical coal markets for this year, focused on five topics: 1. China stimulus measures and the risk of protectionism: What domestic and international pressures will China face? 2. The expansion of Elga Coal Complex will increase coking coal supply from Russia: Who stands to benefit? 3. Another major exits coal: Will others follow? 4. Indian steel mills to increase offtake of discounted metallurgical coal imports from Russia: Why are Indian buyers favouring Russian offers? 5. Economic distress threatens European decarbonisation plans: Are producers ready for rising carbon taxes?