Global trade in coking coal in the first half of 2025 decreased by 6% year-on-year – to 172.4 million tons, according to preliminary data collected by BigMint.

These figures were driven by a number of factors, such as a decline in steel production, increased supply in domestic markets, and changes in trade flows. In particular, major importers India and China reduced their maritime purchases.

Australia, the world’s largest exporter of coking coal, reduced its supplies by 4% year-on-year – to 72.4 million tons in January-June 2025. This figure is explained by a decrease in purchases by India and Japan, as well as unfavorable weather conditions in winter.

India imported 30.86 million tons of coking coal in the first half of the year. During this period, the country reduced supplies from Australia by 14% year-on-year, to 15.03 million tons. In contrast, imports from Russia increased by 51% year-on-year to 5.3 million tons due to competitive pricing amid sanctions. Indian steel producers continued to diversify their sources of coking coal and intensified their efforts to research mixtures.

Coking coal imports to China in January-June fell by 8% year-on-year – to 52.83 million tons. Dependence on maritime supplies slowed down the growth of domestic production. During this period, the country also reduced imports from Mongolia and Russia by 16% and 2% year-on-year, to 24.8 million tons and 14.8 million tons, respectively.

Global trade in coking coal, BigMint notes, is likely to remain low in the near term amid continued weak steel production and cautious buyer sentiment. However, a potential recovery in industrial activity and infrastructure investment in developing countries could provide limited upside potential.

Asian coking coal prices fell in June amid weak demand, with large volumes from non-Australian suppliers appearing on the market.