Metallurgical Coke Market - Historic Data (2019-2024), Global Trends 2025, Growth Forecasts 2037
Metallurgical Coke Market in 2025 is estimated at USD 376.76 billion. The global Market size was valued at over USD 358.41 billion in 2024 and is expected to expand at a CAGR of more than 6.4%, surpassing USD 802.83 billion revenue by 2037. Asia Pacific is set to secure USD 417.47 billion by 2037, fueled by China's global leadership in metallurgical coke production and growing export demands for steelmaking.
World crude steel production for the 69 countries reporting to the World Steel Association was 151.4 million tons in January 2025. The mounting demand for steel production from coal and fossil-based electricity generation drives the metallurgical coke market. Coal still supplies just over a third of global electricity despite being a carbon-intensive fossil fuel. With energy demand continuing to grow, many countries feel they have little choice but to continue generating power with coal. Global coal adoption rebounded after plummeting at the height of the COVID-19 pandemic. In 2024, it increased to 8.77 billion tons and is estimated to swell through 2027. The top five countries were China, India, the U.S., Indonesia, and Australia, representing 81% of the global coal capacity.
World Metallurgical Coal Production, by Country, 2022
|
Country |
Volume (Million tons)
|
Share (%) |
|
China |
555 |
49.2 |
|
Australia |
169 |
15.0 |
|
Russia |
134 |
11.9 |
|
India |
57 |
5.1 |
|
The U.S. |
57 |
5.1 |
|
Vietnam |
47 |
4.2 |
|
Canada |
27 |
2.4 |
|
Others |
80 |
7.1 |
|
Total |
1,126 |
100.0 |
Source: Government of Canada
The pandemic-associated drop in coal demand resulted in prices plunging in 2020, but eventually rebounded to record highs in October 2021. Prices have stabilized since then but remained 50% higher than the 2017-2019 period. In November 2024, the imported thermal coal costs in Europe were roughly USD 120 per ton, compared to USD 80 per ton during 2017-2019. The Australia thermal coal cost is about USD 140 per ton, versus USD 90 at the end of the last decade. Over 2 billion tons of iron ore, 1 billion tons of metallurgical coal, and 650 million tons of recycled steel were utilized in 2021 by the global steel industry to manufacture more than 1 billion tons of crude steel.
2024 U.S. Coal Overview (in thousand Short Tons)
|
Month |
Production |
Waste Coal Supply |
Trade |
Stock Change |
Consumption |
||
|
Imports |
Exports |
Net Imports |
|||||
|
Jan. |
44,052 |
830 |
94 |
8,411 |
-8,318 |
-8, 523 |
45,652 |
|
Feb. |
44,011 |
721 |
151 |
9,119 |
-8,969 |
6,082 |
29,116 |
|
Mar. |
41,808 |
768 |
85 |
9,275 |
-9.191 |
6,226 |
25,530 |
|
Apr. |
35,709 |
746 |
254 |
6,843 |
-6,589 |
3,373 |
24,253 |
|
May |
39,370 |
599 |
80 |
8,938 |
-8,858 |
1.025 |
29,281 |
|
Jun. |
43,004 |
777 |
203 |
10,011 |
-9,8.09 |
-4,576 |
37,459 |
|
Jul. |
43, 343 |
871 |
185 |
8,760 |
-8,575 |
-8,826 |
43,441 |
|
Aug. |
47,110 |
653 |
288 |
9,094 |
-8,806 |
-7,066 |
42,420 |
|
Sep. |
45,724 |
557 |
248 |
9,453 |
-9,205 |
-53 |
34,448 |
|
Oct. |
43,649 |
399 |
118 |
8,968 |
-8,849 |
4,803 |
30,636 |
|
Nov. |
40,770 |
399 |
167 |
9,421 |
-9,254 |
3,172 |
29,595 |
|
Dec. |
43, 183 |
NA |
127 |
9,295 |
-9,168 |
NA |
NA |
|
Total |
511,733 |
NA |
1,998 |
107,588 |
-105,591 |
NA |
NA |
Source: EIA
In January 2025, China is estimated to have produced 81.9 million tons, a decrease of 5.6% compared to January 2024. India's production increased to 13.6 million tons, an increase of 6.8%. Japan's output was 6.8 million tons, down 6.6%. The United States produced 6.6 million tons, showing a modest increase of 1.2%. Russia is estimated to have produced 6.0 million tons, down by 0.6%. South Korea's production fell to 5.2 million tons, a decrease of 8.8%. Türkiye reported a production of 3.2 million tons, down 1.4%. Germany's estimated output was 2.8 million tons, down 8.8%, while Brazil produced approximately 2.6 million tons, a decline of 4.5%. Lastly, Iran's production significantly dropped to 2.2 million tons, reflecting a decrease of 24.1%.
