The IMF has released its latest World Economic Update in which global growth this year is raised slightly to 3% while the forecast for 2024 is held at 3%. US GDP growth is expected to slow from 2.1% in 2022 to 1.8% in 2023 and to just 1.0% in 2024. Euro area growth is projected to fall from 3.5% in 2022 to 0.9% in 2023 and then to rise to 1.5% in 2024. The growth forecast for China is unchanged at 5.2% in 2023 and 4.5% in 2024.ArcelorMittal is expected to restart shortly its 3 million tonne/year No. 4 blast furnace at its Dunkirk plant following repairs. The furnace was shut down on 30 March due to a fire.
The Australian Department of Industry, Science and Resources expects the value of the country’s thermal coal exports to more than half over the next two financial years from US$ 43 billion to US$ 20 billion as prices fall and consumers look to alternative sources of energy.
China’s National Bureau of Statistics reported that raw coal production in June totalled 390.1 million tonnes, up 2.5% year-on-year. Output for the first half of this year hit 2.3 billion tonnes, up 4.4% year-on-year. Electricity generation from coal-fired plants in the first six months of 2023 increased by 8% year-on-year and accounted for 71% of all electrical output, up from 69% in the same period a year ago.