Issue 19, 2024 - This week's editorial: Singapore, Poland conferences debate raw materials, European blast furnaces

Conference season has roared into life, with last week seeing the annual Singapore International Ferrous Week and the Katowice-based European Economic Congress take place simultaneously, while the market was subdued in much of Europe due to various holidays.

Singapore Coking Coal Conference participants pointed out that despite having abundant iron ore reserves, India depends on imports for 90% of its coking coal requirement. This is unlikely to change as the country steams ahead with its crude steelmaking capacity expansion to 300 million tonnes/year by 2030/31. It will mean a boon for traditional suppliers Australia, the US and Canada, but India is also looking to Russia to diversify its coking coal sources.

Industry players are generally positive on the coking coal price outlook for the second half of 2024, which is underpinned by tighter supply and improved demand. For more, see this week’s feature.

As for iron ore, opinions vary. Some sources during the Singapore Iron Ore Forum said they see values hitting $140/tonne at year-end, supported by growing steel demand from the third quarter driven by the Chinese government's upcoming special bond issuance. Others foresee prices at $118/t amid continued Chinese real estate sector malaise and the limited capability of China's government to stimulate the economy.

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