Fitch Ratings, a global credit rating agency, updated forecasts for raw materials prices for 2022-24.

The decreased supply of iron ore from Ukraine and Russia offset the dropped demand in Europe and other regions. Therefore, it was predicted the iron ore price will be unchanged 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 the use in electricity production due to the European energy crisis, so Fitch expected the price at US$370/ton.

However, due to lower demand from steel industries and a more stable energy market, the prices of coking coal might go down next year. The price in 2023 and 2024 will be US$200/ton and US$140/ton, respectively.