Top Seaborne Met Coal Consumers & Their Hot Metal Production in 2023

Global trade in metallurgical coal is expected to increase by 7-8% y-o-y in 2023, as per CoalMint estimates. Total seaborne exports of met coal, including PCI coal for steelmaking, may rise to 325-330 million tonnes (mnt) from 305 mnt recorded in CY22. The increase in global met coal consumption will result from a marginal hike in hot metal production led by a likely 2% y-o-y growth in Chinese output. China is expected to account for roughly 67% of global hot metal production which is estimated to reach 1.318 mnt in CY23. Meanwhile, met coal imports by India may rise 3% y-o-y to about 72 mnt, while imports by Japan and the EU are likely to decline by 9% and 7% respectively. So, higher primary steel production in China, India and the rest of Asia will support global growth in met coal trade in CY23.