Global Market Outlook: Coking Coal, Anthracite, and Petcoke (Q2 2025)

As the metallurgical industry continues to adapt to shifting global dynamics, the demand for key raw materials such as coking coal, anthracite, and petroleum coke (petcoke) remains a critical driver of industrial production. Below is a brief market overview of these strategic commodities as of Q2 2025.

Coking Coal (Metallurgical Coal)

Global demand for coking coal continues to rise, reaching over 819 million tonnes in 2023 — up nearly 7% from 2018. This growth is primarily fueled by steady steel industry consumption in India, China, and Southeast Asia.

Price Trends: Premium-grade coal is currently priced around $180–181/tonne. Prices remain under pressure due to supply disruptions and shipping costs caused by ongoing geopolitical risks.

Key Drivers:

- Increased steel production in Asia and infrastructure development in emerging markets.

- Strategic reshoring of industrial capacity in North America and Europe.

- Pressure on smaller mining operations due to lower profitability at current prices.

Outlook: Balanced market conditions, though exposed to volatility from logistics and global trade shifts.

Anthracite

Anthracite remains a steady but low-growth segment within the metallurgical and energy sectors. Valued at $124 billion in 2024, the global anthracite market is projected to reach $126.6 billion in 2025 and $136.8 billion by 2029, with a CAGR of approximately 2%.

Applications: Primarily used in steelmaking, cement production, and energy generation.

Regional Focus: China dominates global supply, accounting for roughly 60% of production.

Market Trends:

- Increasing substitution of coke with anthracite for cleaner steel production.

- Investment in cleaner combustion technologies and mining efficiency.

Petcoke (Petroleum Coke)

The global petcoke market is projected to grow from $28 billion in 2023 to over $46 billion by 2032, driven by demand from the cement, aluminum, and steel industries.

Current Pricing (Q2 2025):

- USA: ~$382/tonne

- China: ~$285/tonne

- Europe: ~$374/tonne

Market Dynamics:

- Rising demand in China, with potential regulatory shifts affecting imports.

- Environmental policies increasingly impacting industrial use and refining processes.

- Strong growth expected in Asia-Pacific, particularly in industrial manufacturing and agriculture.

Conclusion

Coking coal remains the key strategic resource for integrated steel production, especially in emerging markets. Anthracite offers stability and is suited for long-term energy-intensive contracts. Petcoke presents high-growth potential but requires careful risk management due to price fluctuations and environmental scrutiny.

For stakeholders in the metallurgical supply chain, understanding these market trends is vital for making informed procurement and investment decisions.