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According to Fitch Solutions Macro Research, an international authoritative consultancy, although India imported only half of China's imports in 2017, it will overtake China to become the world's largest importer of coking coal by 2025
.
"We expect India's coking coal consumption to grow at an average annual rate of 5.
4% between 2019 and 2028, mainly driven by the same strong growth in the country's steel production," the report said, "As a result, we expect India to overtake China as the world's largest importer of coking coal by 2025
.
" ”
While China will still dominate in terms of overall market share, India will become increasingly important
in terms of ocean freight demand.
In the second quarter of 2019, India was Australia's largest importer of coking coal, up 25.
8% year-on-year, followed by China, down 8.
8%
year-on-year.
Globally, trends in the country's mining and steel sectors will continue to dominate seaborne prices
, as China will continue to account for about two-thirds of global coking coal production and consumption in the coming years.
However, with the economic slowdown, especially China's domestic supply-side reforms, coking coal consumption has shown a downward trend
.
According to Fitch Solutions Macro Research, an international authoritative consultancy, although India imported only half of China's imports in 2017, it will overtake China to become the world's largest importer of coking coal by 2025
.
"We expect India's coking coal consumption to grow at an average annual rate of 5.
4% between 2019 and 2028, mainly driven by the same strong growth in the country's steel production," the report said, "As a result, we expect India to overtake China as the world's largest importer of coking coal by 2025
.
" ”
While China will still dominate in terms of overall market share, India will become increasingly important
in terms of ocean freight demand.
In the second quarter of 2019, India was Australia's largest importer of coking coal, up 25.
8% year-on-year, followed by China, down 8.
8%
year-on-year.
Globally, trends in the country's mining and steel sectors will continue to dominate seaborne prices
, as China will continue to account for about two-thirds of global coking coal production and consumption in the coming years.
However, with the economic slowdown, especially China's domestic supply-side reforms, coking coal consumption has shown a downward trend
.
