Australia reduced coking coal exports by 17% m/m in July

In July this year, Australia reduced export shipments of coking coal by 17.2% compared to June – to 11.94 million tons. This is reported by BigMint.

Exports of this raw material decreased by 1% compared to July 2023.

In July, the dynamics of Australian coking coal exports to key Asian markets declined significantly. Australia reduced supplies of this raw material to India by 33% m/m – to 2.34 million tons, and to Japan by almost 2% m/m – to 2.59 million tons. At the same time, exports to South Korea increased by 23% compared to June to 1.59 million tons.

In July 2024, Australia reduced coking coal exports to China by 27% m/m, to 1.16 million tons, while supplies to Vietnam fell by 61.5% m/m, to 0.25 million tons.

Average prices for Australian premium coking coal (HCC) in July decreased by 4% compared to June to $260/t CFR India. The temporary increase in prices was caused by an incident at Anglo American’s mine, but later prices fell due to a mismatch between supply and demand in the main importing countries.

Global coking coal prices fell significantly in July. Indian consumers will return to the market at the end of August, and there are sufficient stocks of raw materials in Chinese ports.

As GMK Center reported earlier, in April, the Australian government predicted a decline in metallurgical coal prices and exports in the 2023/2024 financial year. The country’s coking coal exports are expected to reach 161 million tons in the period, down from 166 million tons expected in December 2023, as domestic production has only partially recovered. However, it will increase by about 3.2% compared to the 2022/2023 financial year.