Coking coal prices are set to rebound as early as July from four straight quarterly declines as China and India seek raw material overseas to fire new steel production in the world’s fastest-growing major economies.

Contract prices that fell to $206 a tonne for the quarter ending June 30 may rebound to average $225 a tonne this financial year, based on the mean estimate of 10 analysts, steelmakers and mining companies surveyed by Bloomberg. Contracts of coking coal peaked at $330 in the June quarter last year.