Coal fell to 108.35 USD/T on December 1, 2025, down 1.86% from the previous day. Over the past month, Coal's price has fallen 1.14%, and is down 20.33% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Coal - values, historical data, forecasts and news - updated on December of 2025.

Metallurgical coal futures allow investors to speculate on the future price of metallurgical coal. This article explores the key features of these futures contracts, the market participants involved, and the risks and benefits associated with trading them.

Coking Coal rose to 201.25 USD/T on November 10, 2025, up 0.12% from the previous day. Over the past month, Coking Coal's price has risen 3.60%, but it is still 4.39% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Coking Coal.

Coking coal futures prices refer to the contracts traded on commodity exchanges for future delivery of coking coal. This article explains how the prices are influenced by various factors and the role of commodity exchanges in facilitating trading. It also discusses how traders and investors can take long and short positions, and the importance of monitoring factors influencing coking coal prices.

It is forecast that the average price for hard coking coal in 2029 will be ****** nominal U.S. dollars per metric ton. Meanwhile, the average price for semi-soft coking coal is forecast to be ****** nominal U.S. dollars per metric ton that year.

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Metallurgical Coal Market Size 2025-2029

The metallurgical coal market size is forecast to increase by USD 99.6 billion at a CAGR of 4.8% between 2024 and 2029.

The metallurgical coal market is propelled by rising global steel demand, particularly in Asia Pacific, where infrastructure projects and smart city initiatives drive significant consumption. Technological advancements, such as 3D mine visualizers and proximity detection systems, enhance mining efficiency, supporting market growth. In North America, steady demand stems from automotive and construction sectors, while Europe's market thrives due to steel production in countries like Germany and Russia. Sustainability trends push for high-quality coal to support efficient, eco-friendly steel production. However, the volatility in prices of metallurgical coal, influenced by supply and demand dynamics and geopolitical factors, poses a significant risk for market participants.

Companies seeking to capitalize on the opportunities presented by this market must adopt strategic sourcing and pricing strategies. Additionally, investments in technological advancements, such as automation and mechanization, can help improve operational efficiency and reduce costs. Overall, the market offers substantial growth potential for companies able to navigate the price volatility and adapt to evolving market conditions.

What will be the Size of the Metallurgical Coal Market during the forecast period?

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The market encompasses the production and trade of coal used primarily in steel manufacturing. This market exhibits dynamic behavior, influenced by various factors. High-sulphur utilization and medium-ash applications in iron ore smelting remain significant drivers, while price fluctuations in thermal coal markets can impact metallurgical coal demand. Environmental concerns, including air pollution and mining safety, necessitate continued innovation in mining industry practices and technologies. Mining resources and reserves, mining sustainability, and mining equipment automation are essential considerations for market participants. Steel industry outlook, infrastructure development, and sustainable infrastructure projects, such as bridge construction and commercial space development, shape demand for metallurgical coal.
Renewable energy alternatives and sustainable mining practices are gaining traction, potentially impacting the market's future direction. Mining project management, equipment maintenance, and mining investment are crucial elements in the metallurgical coal supply chain. Steel production technology advancements and iron ore smelting processes continue to evolve, influencing the market's size and direction. The transportation and logistics sector plays a vital role in delivering coal to consumers, ensuring efficient and cost-effective solutions. Mining industry outlook remains positive, driven by the ongoing demand for steel and infrastructure development.

How is this Metallurgical Coal Industry segmented?

The metallurgical coal industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Steel making
  Non-steel making


Type

  Hard coking coals
  Semi-soft coking coals
  Pulverized coal injection
  Medium Coking Coal


End-User

  Iron and Steel Industry
  Chemical and Pharmaceutical
  Foundry Industry
  Non-Steel Production
  Power Industry


Geography

  APAC

    China
    India


  North America

    US
    Canada


  Europe

    France
    Germany
    Russia
    UK


  Middle East and Africa

    UAE


  South America

    Brazil


  Rest of World

By Application Insights

The steel making segment is estimated to witness significant growth during the forecast period.

Metallurgical coal plays a crucial role in steel manufacturing as it is the primary input for coke production in the blast furnace process and the electric arc furnace (EAF) route. Steel production, a key indicator of economic development, saw a 3.3% increase in global crude steel output to 145.5 million tons (Mt) in November 2023, according to the World Steel Association. Concurrently, the global apparent steel use per capita surpassed 200 kilograms, marking an over 10% rise. Both steel manufacturing processes, BF-BOF and EAF, necessitate metallurgical coal. While the former requires substantial volumes, the latter demands lower quantities.

The steel industry's growth is driven by infrastructure development, urbanization, and the increasing demand for construction, high-grade steel for various industries, and premium hard coking coal for medical applications. The market dynamics are influenced by factors such as coal quality standards, sustainable mining practices, carbon footprint re

Met coal futures are financial contracts that allow individuals and companies to speculate or hedge on the future price of metallurgical coal. Metallurgical coal, also known as coking coal, is a type of coal that is used in the steelmaking process. It has specific properties that make it suitable for the production of coke, which is used as a fuel and reducing agent in blast furnaces. Learn more about met coal futures and their role in managing price risk in the metallurgical coal market.

The global metallurgical coal market is projected to reach a valuation of approximately USD 300 billion by 2033, growing at a compound annual growth rate (CAGR) of 4.5% from 2025 to 2033.

Learn about coking coal futures and how they allow investors to speculate on the future price of coking coal. Discover the benefits and risks of trading these futures contracts and their role in hedging and price discovery in the coal industry.

China Settlement Price: Dalian Commodity Exchange: Coking Coal: 5th Month data was reported at 1,154.500 RMB/Ton in 02 Dec 2025. This records an increase from the previous number of 1,143.500 RMB/Ton for 01 Dec 2025. China Settlement Price: Dalian Commodity Exchange: Coking Coal: 5th Month data is updated daily, averaging 1,388.000 RMB/Ton from Mar 2013 (Median) to 02 Dec 2025, with 3086 observations. The data reached an all-time high of 3,682.500 RMB/Ton in 19 Oct 2021 and a record low of 490.500 RMB/Ton in 24 Nov 2015. China Settlement Price: Dalian Commodity Exchange: Coking Coal: 5th Month data remains active status in CEIC and is reported by Dalian Commodity Exchange. The data is categorized under China Premium Database’s Financial Market – Table CN.ZB: Dalian Commodity Exchange: Commodity Futures: Settlement Price: Daily.

One of the leading economic industries in Australia, coal mining has contributed significantly to the local economy. In 2024, the price of Australian coal was around 136 U.S. dollars per metric ton. Coal market The contribution of the coal mining industry to Australia’s economy was valued in the billions of Australian dollars. Coal consumption is much lower than production in Australia, so most of the mined coal is exported. In fact, Australia exports the most coal by value out of any other country, with major export partners including China and India. Australia’s reliance on its mining exports may lead to potential problems, particularly if long-term demand drops due to emerging alternative fuel sources, climate action, and increased competition from other coal producing countries. The effect on the tens of thousands of Australian workers in the mining industry may have already been felt, with lower employment numbers recorded recently. Environmental impact Of late, the fugitive emissions from coal mining have come under fire due to their contribution to environmental pollution. In Australia, emissions from underground coal mines were projected to total 19 million metric tons of carbon dioxide equivalent by 2030. With a global focus on reducing air pollution and mitigating climate effects, the future of mining in Australia may not be as certain as it once was.

China Settlement Price: Dalian Commodity Exchange: Coking Coal: 3rd Month data was reported at 1,064.000 RMB/Ton in Nov 2025. This records a decrease from the previous number of 1,226.500 RMB/Ton for Oct 2025. China Settlement Price: Dalian Commodity Exchange: Coking Coal: 3rd Month data is updated monthly, averaging 1,401.000 RMB/Ton from Mar 2013 (Median) to Nov 2025, with 153 observations. The data reached an all-time high of 3,528.500 RMB/Ton in Sep 2021 and a record low of 542.500 RMB/Ton in Nov 2015. China Settlement Price: Dalian Commodity Exchange: Coking Coal: 3rd Month data remains active status in CEIC and is reported by Dalian Commodity Exchange. The data is categorized under China Premium Database’s Financial Market – Table CN.ZB: Dalian Commodity Exchange: Commodity Futures: Settlement Price.

China Open Interest: Dalian Commodity Exchange: Coking Coal data was reported at 454.049 Lot th in 09 May 2025. This records an increase from the previous number of 418.835 Lot th for 08 May 2025. China Open Interest: Dalian Commodity Exchange: Coking Coal data is updated daily, averaging 203.505 Lot th from Mar 2013 (Median) to 09 May 2025, with 2946 observations. The data reached an all-time high of 637.070 Lot th in 23 Oct 2013 and a record low of 32.823 Lot th in 28 Jan 2022. China Open Interest: Dalian Commodity Exchange: Coking Coal data remains active status in CEIC and is reported by Dalian Commodity Exchange. The data is categorized under China Premium Database’s Financial Market – Table CN.ZB: Dalian Commodity Exchange: Commodity Futures: Open Position: Daily.

The global coal price index reached 145.08 index points in September 2025. This was a decrease compared to the previous month, while the overall fuel energy price index decreased. The global coal index expresses trading of Australian and South African coal, as both countries are among the largest exporters of coal worldwide. How coal profited from the 2022 gas crunch Throughout 2022, coal prices saw a significant net increase. This was largely due to greater fuel and electricity demand as countries slowly exited more stringent coronavirus restrictions, as well as fallout from the Russia-Ukraine war. As many European countries moved to curtail gas imports from Russia, coal became the alternative to fill the power supply gap, more than doubling the annual average price index between 2021 and 2022. Main coal traders and receivers Although China makes up by far the largest share of worldwide coal production, it is among those countries consuming the majority of its extracted raw materials domestically. In terms of exports, Indonesia, the world's third-largest coal producer, trades more coal than any other country, followed by Australia and Russia. Meanwhile, Japan, China, and India are among the leading coal importers, as these countries rely heavily on coal for electricity and heat generation.

China Settlement Price: Dalian Commodity Exchange: Coking Coal: 2nd Month data was reported at 1,079.500 RMB/Ton in 03 Dec 2025. This records a decrease from the previous number of 1,094.500 RMB/Ton for 02 Dec 2025. China Settlement Price: Dalian Commodity Exchange: Coking Coal: 2nd Month data is updated daily, averaging 1,401.000 RMB/Ton from Mar 2013 (Median) to 03 Dec 2025, with 3087 observations. The data reached an all-time high of 3,896.500 RMB/Ton in 18 Oct 2021 and a record low of 530.000 RMB/Ton in 20 Jan 2016. China Settlement Price: Dalian Commodity Exchange: Coking Coal: 2nd Month data remains active status in CEIC and is reported by Dalian Commodity Exchange. The data is categorized under China Premium Database’s Financial Market – Table CN.ZB: Dalian Commodity Exchange: Commodity Futures: Settlement Price: Daily.

The global meager lean coal market is experiencing moderate growth, driven primarily by its continued use in steelmaking and power generation, particularly in developing economies. While facing significant headwinds from environmental concerns and the global push towards renewable energy sources, the market's resilience stems from its relatively lower cost compared to other energy sources and its established infrastructure in many regions. The market size in 2025 is estimated at $50 billion (assuming a CAGR of 2% and a logical extrapolation from available data), projecting a steady expansion throughout the forecast period (2025-2033). This growth, however, is expected to be tempered by stricter environmental regulations and a gradual shift towards cleaner energy alternatives. The CAGR for the forecast period is projected at 2%. Key applications driving demand include metallurgical coal for steel production (a significant portion of the market), power generation in coal-dependent regions, and other industrial uses. Geographical distribution reveals a significant concentration of production and consumption in Asia-Pacific (particularly China and India), with North America and Europe holding substantial, albeit smaller, shares of the market. The market is characterized by a relatively concentrated landscape of major players, including Shanxi Coking Coal, Coal India, and others, competing based on production efficiency, cost-effectiveness, and access to key markets. The continued growth in steel production, particularly in developing nations, is a key factor supporting meager lean coal demand. However, the industry faces considerable challenges related to environmental sustainability. Stringent emission regulations are driving increased investment in carbon capture technologies and cleaner coal combustion methods, significantly influencing the operational costs of existing facilities. Government policies promoting renewable energy and discouraging fossil fuels represent a substantial long-term threat. Despite these hurdles, the market is expected to maintain a moderate growth trajectory due to its role as a relatively inexpensive energy source in certain economies and sectors where alternatives are currently less feasible or cost-prohibitive. Furthermore, technological advancements aiming at improving coal's efficiency and reducing its environmental impact are expected to contribute to a more sustainable future for this sector. This report provides a detailed analysis of the global meager lean coal market, encompassing production, consumption, key players, and future growth prospects. We delve into the intricacies of this crucial energy and industrial resource, offering invaluable insights for businesses, investors, and policymakers. High-search-volume keywords such as "lean coal market size," "metallurgical coal demand," "coal steelmaking applications," and "global coal production trends" are strategically incorporated throughout the report.

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Japan Coal Market Size 2024-2028

The Japan coal market size is forecast to increase by USD 4.5 billion, at a CAGR of 2% between 2023 and 2028.

The market is experiencing significant growth due to the adoption of advanced electricity generation technologies that increase efficiency and reduce the environmental impact of coal usage. Another key trend is the shift towards the utilization of liquid forms of coal as fuel and for electricity production. However, the market faces challenges such as the uncertainty in demand and pricing of coal, which can impact the profitability of coal producers and utilities. These factors, among others, are shaping the market growth.

What will be the Size of the Market During the Forecast Period?

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The market plays a significant role in the global energy sector, supplying a substantial portion of the world's electricity. However, the energy landscape is undergoing a transformation, driven by various factors shaping the future of the power sector. Governments worldwide are formulating energy strategies and policies to promote sustainable development and reduce greenhouse gas emissions, with the shift towards renewable energy sources and energy efficiency gaining momentum. The industrial sector remains a major energy consumer, with thermal power plants contributing significantly to coal demand. However, energy efficiency and automation trends are leading to decreased energy intensity, thereby reducing the demand for coal. Environmental concerns regarding coal consumption are driving the transition towards cleaner energy sources, and the global push for carbon neutrality aligns with sustainable development goals.
Energy security and independence are vital for many countries, with coal production and imports playing a role. However, the renewable energy sector is growing due to favorable policies and competitive pricing. The coal industry is investing in carbon capture technologies to reduce emissions, while energy conservation and off-grid solutions are promoting efficiency. Research and technological advancements in energy storage and grid modernization further support the transition to renewable energy, reducing reliance on coal. As the energy sector transitions to a low-carbon future, the coal market faces challenges, requiring a well-planned roadmap to navigate this shift. The energy sector is at a crossroads, with the future focusing on cleaner, more sustainable energy.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Thermal coal
  Metallurgical coal


Source

  Import
  Domestic


Geography

  Japan

By Type Insights

The thermal coal segment is estimated to witness significant growth during the forecast period.

Coal continues to be a significant and cost-effective energy source for power generation in various economies. In 2023, coal-fueled power generation accounted for over 30% of Japan's total electricity production. Thermal coal is the primary fuel used in power plants to generate electricity. To enhance the thermal efficiency of power generation and decrease emissions, countries are transitioning to high-efficiency, low-emission (HELE) coal-fired power plants. Innovative combustion technologies, such as ultra-supercritical (USC) and advanced ultra-supercritical (AUSC), are being developed and implemented. As a result, the demand for thermal coal is projected to rise during the forecast period due to its affordability as an energy source and the anticipated reduction in carbon dioxide emissions through the adoption of advanced technologies.

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Market Dynamics

Our market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in the market?

Better electricity generation technology is the key driver of the market.

The market is a significant contributor to global power production, with coal-fired power stations being the primary source of electricity for many countries. However, the use of coal in power generation raises concerns regarding air pollution and the associated health disorders. To mitigate these issues, there is a growing emphasis on renewable energy generation, such as solar power, as an alternative energy source. The solar park scheme and supportive policies for renewable energy capacity expansion are gaining traction in various sectors, including telecom, hospitality, and industrial growth in emerging

China Turnover: Volume: Dalian Commodity Exchange: Coking Coal data was reported at 21,309.033 Lot th in Nov 2025. This records an increase from the previous number of 19,576.108 Lot th for Oct 2025. China Turnover: Volume: Dalian Commodity Exchange: Coking Coal data is updated monthly, averaging 3,493.696 Lot th from Mar 2013 (Median) to Nov 2025, with 153 observations. The data reached an all-time high of 52,968.198 Lot th in Aug 2025 and a record low of 622.872 Lot th in Feb 2015. China Turnover: Volume: Dalian Commodity Exchange: Coking Coal data remains active status in CEIC and is reported by Dalian Commodity Exchange. The data is categorized under China Premium Database’s Financial Market – Table CN.ZB: Dalian Commodity Exchange: Commodity Futures: Turnover.

The size of the Canada Coal Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.00% during the forecast period. Key drivers for this market are: 4., Rising Industrialization across the Globe4.; Increasing Utilization of Natural Gas. Potential restraints include: 4., High Cost of Installation and Maintenance. Notable trends are: Metallurgy Sector to Witness Significant Growth.

As per Cognitive Market Research's latest published report, The South African Coal market size will be $7,235.85 Million by 2029. The South Africa Coal Industry's Compound Annual Growth Rate will be 3.36% from 2023 to 2030. Factors Affecting the Coal Market

Growing usage of coal in electricity generation: Coal dominates South Africa's domestic energy resource base. South Africa is heavily reliant on coal-fired electricity. Although most African countries are coal-free, a survey finds that South Africa still relies significantly on fossil fuel for electricity generation. Coal is the most frequently utilized primary fuel worldwide, accounting for around 36% of total fuel use in global power production. Coal provides around 77 percent of South Africa's basic energy needs. According to the Ministry of Mineral Resources and Energy, South Africa's total domestic energy-generating capacity is 58,095 megawatts (MW) from all sources. Coal is now South Africa's most important energy source, accounting for over 80% of this country's energy mix. This is continued dramatically in the near the future due to the rising need for electricity across the region. The energy consumption of South Africa is raised by 1.3%/year between 2017 and 2019. To achieve this demand, there is need for coal for electricity generation. According to the 2016 Electricity, Gas, and Water Supply Industry Report, this fossil fuel generated 85,7% of the country's electricity in 2016. Similarly, according to the Ember study, coal produced 84.4 percent of domestic electricity in 2021. As a result, South Africa's electricity-related emissions in 2021 can still surpass those of other African countries, such as Egypt and Kenya. As a result, many of the reserves can be mined at extremely low prices, and South Africa has created a substantial coal-mining sector. South Africa's coal baseload independent power producer procurement project aims to buy 2 500 megawatts of coal-fired power output by December 2021. It also intends to use funds from industrialized nations and financial organizations to construct transformers, distribution technologies, and substations. Hence, the growing usage of coal in electricity generation drives the growth of the South African coal market.

Restraint for South Africa Coal market

Difficulties associated with the coal mining: One of the major restraints hindering the growth of the coal market is the increasing operational and environmental difficulties associated with coal mining. As easily accessible coal reserves are depleted, mining companies are forced to extract coal from deeper, more geologically complex, and environmentally sensitive regions. This not only raises production costs significantly but also escalates safety risks for workers and increases the environmental impact. In regions like India and parts of Africa, for instance, coal mining has led to the displacement of communities, water contamination, and deforestation, prompting stronger opposition from local populations and environmental groups. Moreover, regulatory bodies across the globe are tightening mining guidelines, enforcing stricter air and water pollution controls, and mandating land reclamation measures. These requirements often lead to operational delays and higher compliance costs. In the U.S., several coal mines have shut down in the past decade due to a combination of lower profitability and stringent environmental regulations. Additionally, mounting scrutiny from ESG (Environmental, Social, and Governance) investors is causing financial institutions to reduce funding for coal projects. As a result, even major coal-producing nations are beginning to shift investments toward cleaner energy alternatives, making coal mining not only more difficult but also less economically viable in the long term.

Trends in the Coking Coal Market

Continued Demand from Steel Production Amid Infrastructure Expansion: Coking coal is an essential component in blast furnace steelmaking, and its demand remains robust, especially in developing nations engaged in extensive infrastructure and industrial growth. Countries such as India, China, and various Southeast Asian nations are propelling steel demand for construction, transportation, and urbanization, which consequently drives consistent consumption of metallurgical (coking) coal. In spite of worldwide decarbonization initiatives, conventional steelma...