According to a Fitch report,India will overtake China as the largest importer of coking coal by 2025.
The report has forecasted that India’s coking coal consumption will grow at an annual average rate of 5.4% between 2019 and 2028 due to robust expansion in steel production in the country.
However,China will continue to account for roughly two-thirds of global coking coal production and consumption over the coming years.
But China’s steel production will decrease in the medium term with the slowing of the economy and construction sectors dragging coking coal consumption lower.
Coking coal also known as metallurgical coal is used to create coke.Coke is one of the key irreplaceable inputs for the production of steel.
There are many varieties of coal in the world ranging from brown coal or lignite to anthracite.However,the property that sets coking coals apart from other coals is its caking ability, composition, mineral content among others.