| Product | Region | Incoterm Basis | Price | Last Updated Month |
| Coal | Indonesia | FOB | USD 92.88/MT | April 2026 |
| Coal | India | FOB | USD 99.00/MT | April 2026 |
| Coal | South Africa | FOB | USD 117.77/MT | April 2026 |
| Coal | China | FOB | USD 114.06/MT | April 2026 |
| Coal | Australia | FOB | USD 141.00/MT | April 2026 |
| Coal | Indonesia | FOB | USD 88.84/MT | March 2026 |
| Coal | India | FOB | USD 110.70/MT | March 2026 |
| Coal | South Africa | FOB | USD 109.84/MT | March 2026 |
| Coal | China | FOB | USD 100.53/MT | March 2026 |
| Coal | Australia | FOB | USD 86.11/MT | March 2026 |
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Asia
In Asia, coal prices moved unevenly but ended higher in January 2026, the average price in China was 99.87 USD/MT, which increased to 104.19 USD/MT and 108.49 USD/MT in the subsequent months, respectively, up 8.63% over the period. Early-quarter support came from pre-holiday mine shutdown expectations and tighter near-term supply. After the Spring Festival, supply recovered faster than demand, which briefly pressured the market. By late March, the Iran war became the main driver.Disruptions to shipping and energy flows through the Strait of Hormuz raised freight costs and increased concern over fuel availability, which lifted coal sentiment across the region. Higher transport costs also made buyers more cautious and strengthened the cost floor for seaborne cargoes.
Europe
In Europe, the Iran war and the Strait of Hormuz disruption had a stronger effect than local industrial demand. The conflict tightened gas market sentiment, raised concern over LNG flows, and pushed utilities to reconsider coal as a backup fuel. Buyers in Northwest Europe turned more active in spot restocking as gas-to-coal switching improved coal competitiveness. The market was supported mainly by war-related freight escalation, higher gas prices, and the need to protect fuel security rather than by a clear recovery in end-use demand.
North America
In North America, coal prices remained relatively stable to firm, supported by stronger global seaborne sentiment. The Iran war and uncertainty around the Strait of Hormuz lifted international freight and energy costs, which tightened global pricing direction. Even without strong domestic demand acceleration, higher export-market risk and firmer seaborne values helped prevent downside pressure.
Analyst Insight
According to Procurement Resource, coal prices are likely to remain firm but volatile. Supply recovery in producing regions may cap gains, while freight disruption and steel-sector restocking can continue to support the market.
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Asia
Coal prices in Asia during 2025 followed a mixed trajectory, shaped by alternating supply constraints and demand adjustments. In 2025, prices fell from about 101 USD in Q1 to lower levels in Q2, before gradually recovering in the later quarters and ending slightly higher overall, reflecting moderate fluctuations of around 7% during the year. Early in the fourth quarter, prices moved upward as safety inspections, adverse weather conditions, and logistical disruptions tightened mine output and limited spot availability, particularly in key producing regions of China and Indonesia. Seasonal factors, including colder weather, supported demand from power utilities, prompting restocking and pushing spot prices higher. However, as the quarter progressed, supply conditions improved with the resumption of mining operations and increased seaborne inflows, easing earlier tightness. At the same time, downstream buyers adopted cautious procurement strategies, shifting toward need-based purchasing amid sufficient inventories. By the latter part of the quarter, the market moved toward balance, with weakening demand and improved supply resulting in price stabilization to slight softening. Overall, the Asian coal market reflected short-term bullish triggers followed by normalization as supply-demand fundamentals rebalanced.
Europe
In Europe, coal prices exhibited moderate volatility but remained relatively firm during Q4 2025, supported by energy market dynamics and seasonal demand. The onset of the winter heating season, coupled with reduced renewable energy generation and elevated natural gas prices, increased reliance on coal-fired power generation, providing upward pressure on prices. Additionally, policy discussions around delaying gas infrastructure expansion and maintaining coal capacity in the energy mix reinforced consumption expectations. Inventory levels at key terminals remained stable, while steady inflows ensured supply adequacy. Despite these supportive factors, price gains were limited by subdued industrial demand and cautious procurement behavior among buyers. Market sentiment remained sensitive to fluctuations in gas markets and broader energy transition policies, resulting in a fluctuating yet supported pricing environment throughout the quarter.
North America
North American coal prices followed a stable-to-soft trend in Q4 2025, reflecting balanced supply and moderate demand conditions. While higher natural gas prices and policy support slowed coal plant retirements, offering some demand stability, broader structural shifts toward cleaner energy sources capped upside potential. Production levels remained steady, and sufficient domestic inventories reduced urgency in procurement. In line with global trends, improved international supply and softer steel sector demand, particularly impacting metallurgical coal, further pressured prices toward the latter part of the quarter. Overall, the region mirrored the global pattern of early support followed by an easing momentum.
Coal is known as a combustible black or brownish-black sedimentary rock, which is made as rock strata called coal seams. Coal is composed of mostly carbon with variable amounts of other elements, chiefly hydrogen, sulphur, oxygen, and nitrogen. Coal is made when dead plant matter is decayed into peat and gets converted into coal by the action of heat and pressure of deep burial over thousands of years. Coal serves as a primary source of energy at several industries, including iron and steel.
Electricity Generation, Fossil Fuel, Steel Production, Cement Production, Liquid Fuel
BHP Group Limited, China Shenhua Energy Co. Ltd, Anglo American Plc, China Coal Energy Co. Ltd., Arch Coal Inc., Coal India Ltd., Glencore Plc, JSC Siberian Coal Energy Co.
CurrencyUS$ (Data can also be provided in local currency)
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Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Coal is obtained via mining and extraction. Most coal mined is thermal coal, also known as steam coal, which is used in the electricity generation, while metallurgical coal, also known as "metcoal" or "coking coal", is used to make coke to make iron.
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