business π₯ Coking Coal Prices Jump 25%, Hurting Indian Steelmakers
Coking coal prices have seen a significant surge this year, negatively impacting the margins of Indian steelmakers. India depends heavily on imports, covering up to 95% of its metallurgical coal demand. Premium coking coal FOB prices in Australia rose by 25% in the first seven months compared to last year. This price hike is due to supply disruptions, the Iran war, and the deadly coal mine explosion in Shanxi province. Steelmakers face sustained high costs through the second half of the year amid ongoing supply issues. π