WSA – The latest October 2023 crude steel production data from the World Steel Association had global output across 71 reporting countries at 150.0 million tonnes, up 0.6% compared to October 2022. This included eight countries from the Middle East and North Africa added to the reporting list. Chinese output for the month was reported as 79.1 million tonnes, down 1.8% year-on-year.
WORLD BANK – The World Bank’s latest Commodity Markets Outlook forecasts that coal prices will continue a downward trend on rising supply and weakening demand as coal consumption continues to be displaced in power generation and industry. Its benchmark average Australian coal price is expected to fall by 25.7% in 2024 and by a further fall of 15.4% in 2025.
INDIA – India’s coal ministry reported that the country’s coal production in October totalled 78.65 million tonnes, up 18.6% year-on-year. In a separate report, the coal ministry laid out plans for a major boost in domestic coal production from the current level of around 1000 million tonnes/year to 1404 million tonnes by 2027 and 1577 million tonnes by 2030. India is planning to add 80 GW of coal-fired power generation by 2030.