The global coal demand may contract by 8% in 2020, showing the largest decline since World War II, according to the forecast of the International Energy Agency (IEA).
As the lockdown measures to combat the COVID-19 pandemic reduced power demand, global coal demand shrank sharply in the second quarter of 2020.
However, global coal demand is expected to keep stable by 2024 according to GlobalData, owing to increasing demand in Asian countries such as China and India. Global coal production is predicted to increase marginally by 0.5% in 2020, data showed.
GlobalData also predicts that global iron ore consumption will drop by 2.8% in 2020 as auto sales fall. Once the pandemic is brought under effective control, iron ore demand will rebound.
(Writing by Shengnan Liu Editing by Jessie Jia)
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