The decreasing iron ore supplies from Ukraine and Russia compensated for the decreasing demand in Europe and elsewhere. Therefore, it is projected that the iron ore price will remain stable at US$115/ton at the end of 2022, US$85/ton in 2023 and US$75/ton in 2024.
Regarding coking coal, the price by the end of 2022 was supported by use in electricity generation due to the European energy crisis, so Fitch had expected the price to be US$370/t.
However, coking coal prices may decrease next year due to lower demand from the steel industries and a more stable energy market. The price in 2023 and 2024 will be US$200/tonne and US$140/tonne, respectively.
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