The 17th International Iron Ore Market Seminar will be held on March 28-30 in Qingdao, which will discuss the current hot topics in China’s iron ore and steel market
Industry leaders, well-known scholars and experts have been invited to share their understanding of the market for the present and the coming year and will conduct a comprehensive and multi-angle in-depth interpretation of the ferrous metal market and help the participants in the ferrous metal industry to make an early layout.
This May, BIR goes back to its roots! Join us in Amsterdam, the birthplace of BIR, for a memorable 75th anniversary celebration during our 2023 World Recycling Convention & Exhibition on (21) 22 – 24 May.
Throughout the year, BIR will be celebrating this important milestone together with its members and the wider recycling community.
Key info BIR Amsterdam 2023
Russia’s seaborne exports of coking coal and PCI coal are estimated to have increased by a sharp 48% y-o-y to 47 million tonnes (mnt) in 2022 from around 32 mnt in 2021, as per provisional data maintained with CoalMint. Although sanctions on Russia cut off seaborne supplies to traditional importers such as the EU, Japan and South Korea, increased exports to China and India contributed to the growth in export volumes.
The EU has hitherto been heavily dependent on imports of Russian coal, which accounted for 46.7% of all EU imports of solid fuel last year, according to Eurostat data.
Leading importers
Russian PCI and coking coals saw stronger demand in China, and also into India, trading at prices lower than for alternative coals from Australia and North America.
Data reveal that Russia’s met coal exports to China increased by nearly 100% y-o-y to over 21 mnt in the year gone by. Despite China’s crude steel production falling around 2% y-o-y in 2022 and relatively low domestic coal prices due to extensive COVID-induced lockdowns, imports from Russia surged due to high discounts offered by Russian suppliers post imposition of trade sanctions.
Russian met coal exports to India edged up even more sharply by over 140% y-o-y to 9.3 mnt. The country’s crude steel production increased by 6% y-o-y to over 124 mnt in 2022 while coking coal imports were stable at around 70 mnt. Cheaper Russian cargoes were lapped up by Indian coal importers amid high global coal prices following the outbreak of the Russia-Ukraine war.
On the other hand, Russia’s exports to traditional markets such as Japan and South Korea fell by 40% and 59%, respectively amid sanctions.
Moreover, the ban on the transport of Russian coal was amended in September and allowed for the provision of services like shipping, financing and insurance needed to transfer coal and other products by ship to destinations outside the EU in order to alleviate the energy crisis worldwide. Since then Russia’s seaborne coal exports jumped sharply, with many of the shipments going to Asia.
Outlook
Russia’s production of met coal increased by 4.5% to 105 mnt in 2022, as per Rosstat data. However, higher export shipments may not be possible due to logistical bottlenecks. Cancellation of discounts on coal freight levied by the RZD may exert pressure on suppliers to curtail discounts. Also, China’s lifting of an unofficial ban on Australian coal imports, higher shipments by Mongolia and enhancement of domestic production are likely to affect China’s imports of Russian coal.
However, Russian suppliers looking to ramp up exports to China know that higher discounts are likely to increase the attractiveness of Russian cargoes, even for Indian buyers. Going forward, India’s coking coal demand is likely to increase and – quality considerations apart – if Australian supplies become costlier post China’s re-entry into the Asian seaborne met coal market, Indian buyers may have to fall back on Russia.
2nd Asia Coal Trade Summit
Will Russian met coal exports to Asia increase in 2023? How will trade dynamics pan out with the continued sanctions on Russian exports? How is Russia gearing up to consolidate its logistical networks to channel increasing volumes to Asian buyers in the coming years? For in-depth insights on such pressing issues and more, sign in for CoalMint’s 2nd Asia Coal Trade Summit to be held in Bangkok, Thailand on 24-25 April, 2023
The Members’ Meeting is a must-attend for the ICDA global community as it provides a number of unrivalled benefits.
What next for the world and the international economy? In the current unpredictable times, it is almost impossible to plan for the coming months, businesses and decision-makers must make their way in an extremely complex and challenging environment.
Whilst none of us can predict the future, the program of the event will allow you to understand the trends which are shaping our current and future world. The knowledge shared by our diversified panel of expert speakers will help you navigating the very uncertain times.
As always, we are preparing a qualitative program covering all topical issues and with some of the most knowledgeable speakers that you will only hear at ICDA’s conferences.
We look forward to gathering the ICDA members soon for another insightful conference for the chromium industry.
India has already hit the halfway mark of 160 mnt of the target of 300 mnt of steel production capacity by 2030. Where do we move from here in the coming seven years? This premier event seeks to address the key issues in the Indian iron ore, coal and IF-route steel making segments, and also throw some light on the way forward. Richly endowed with minerals, especially iron ore, Chhattisgarh is the third-largest steel producing state in India and contributes around 12% of the country’s crude steel production. Chhattisgarh is home to 10% of India’s pellets and 20% of sponge iron production, and thus plays an important role in India’s growth story.