Fitch Ratings, an American credit rating agency, increased all of its metallurgical coal price assumptions. Apart from that, the copper mid-cycle price assumption and the 2023 iron ore price were also raised.

The increase in mid-cycle copper price assumption was supported by the energy transition. Regarding growing metallurgical coal price assumptions, although new capacity, mainly from Australia, might have impacted the prices, the costs were higher, and the global steel consumption grew.

Fitch Ratings predicted that energy transition will not impact the demand for coking coal in the following ten years.