World price of steaming coal in Australia - Data and Analysis (1980-2032)

The world price of steaming coal will climb to approximately $135.6 per metric ton in 2026, representing a 20.6% jump and reversing three years of declines. Escalation of the US-Iran conflict and disruption around the Strait of Hormuz have driven the rebound, sending shockwaves through global energy markets since the first quarter of the year. European natural gas prices have jumped sharply, and Asian LNG prices have surged even further, making coal a comparatively cheap substitute for gas-fired power generation. Thermal coal futures reached roughly $130.0 per ton by mid-year, easing briefly as US-Iran peace talks raised hopes of a resolution, only to climb again amid renewed tensions. Steaming coal prices have swung dramatically over the past five years. The onset of the current period saw prices surge to $143.99 per metric ton in 2021, driven by economic reopening, supply chain disruptions and increased electricity demand from industrial recovery. Russia's invasion of Ukraine triggered the sharpest spike in the series' history, with prices skyrocketing by 166.8% as European buyers scrambled to secure non-Russian energy supplies and coal took on a larger role as a backstop fuel. Prices retreated steadily afterward as global production ramped up to offset lost Russian supply and demand cooled in key consuming markets, including China, India and Europe. Softer industrial activity and the continued build-out of renewable generation capacity added further downward pressure, pushing prices below $120.0 per metric ton by 2025, their lowest level since before the invasion. Improved supply reliability and new mining capacity also helped ease the acute shortages that characterized the immediate post-invasion period, allowing markets to normalize even as underlying demand from Asian economies remained resilient.