June 2009 | Steel Raw Materials
Data reveals extent of 2009 weakness: Coke and Coking Coal Highlights
Tight supplies bolster domestic Chinese prices
Recent data releases are providing a clearer picture of the extent of the effects of the global economic downturn on the steel industry and the associated raw materials markets. Through April, Taiwanese imports of coking coal declined by nearly 21% year-over-year from the same period in 2008. Meanwhile, crude steel output fell to just over 1.1m tpm in March and April, which is indicative of the poor export conditions for export-hungry mills. Consequently, consumption of metallurgical coal in iron and steel making fell by 16.7% year-over-year in April and 13% from year-ago levels through the first four months of the year.
MBR is just hearing of improving market conditions for steelmakers, but the recovery process is slow. Moreover, Taiwanese steelmakers rely heavily on the export market, the recovery of which will be slowed by weakness in Europe and North America. Our expectation is for coking coal demand in...
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