WASHINGTON: Growing export demand for US coking coal has supported prices, and rising shipment volumes into India, Brazil and Europe including Turkey have been highlights so far in 2018, according to an analysis by S&P Global Platts.
While Brazil took the lead in US exports of coking coal at over 5 million mt over the first eight months of the year, US exports of coking coal to India surged to 4.1 million mt between January to August.
This was almost double the quantity of the year-ago period, according to US Census data. India has also stepped up purchases of US thermal coal.
India is on a drive to triple its steel output by 2030, via integrated steelmaking plants, and a Government-led policy has stressed the need to expand and diversify its coking coal supply.
Steel demand in India is expected to track GDP at 7% plus annual growth rates, as public spending on infrastructure and affordable housing supports demand for steel, Citi’s Asia commodities strategist Tracy Liao said in a report.
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- On October 19, 2018