Coal decreased 28.50 USD/MT or 22.75% since the beginning of 2025, 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 March of 2025.

It is forecast that the average price for hard coking coal in 2026 will be 21.80 nominal U.S. dollars per metric ton. Meanwhile, the average price for semi-soft coking coal is forecast to be 138.20 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 market is driven by the increasing demand for steel and the rise in several smart city projects, leading to an increase in consumption of coal. However, the market faces challenges such as volatility in metallurgical coal prices due to supply and demand imbalances. To mitigate this, coal blending and coal characterization through techniques like coal washing, coal property analysis using vitrinite reflectance and petrography, and coal reserve exploration are crucial.
Coal washing enhances coal quality by removing impurities, while coal characterization provides insights into coal's caking index, thermal maturity, and carbonization properties. Fossil carbon's role in the coal industry is significant as it is a critical feedstock in steel manufacturing and carbonization processes. The demand-supply gap in the market necessitates efficient coal production and utilization strategies.

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

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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 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


End-User

  Construction
  Transportation
  Health Care
  Agriculture
  Others


Geography

  APAC

    China
    India
    Japan


  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  Middle East and Africa

    UAE


  South America

    Brazil

By Application Insights

The steel making segment is estimated to witness significant growth during the forecast period. Metallurgical coal plays a crucial role in the steel industry, serving as the primary feedstock for coke production in steelmaking processes. The BF-BOF (Basic Oxygen Furnace-Blast Furnace) and EAF (Electric Arc Furnace) routes are the two primary methods for producing steel. In the BF-BOF process, large quantities of metallurgical coal are required to produce carbon-rich coke, which is essential for reduction of iron ore and the production of pig iron. In contrast, the EAF process uses scrap metal and requires lower volumes of metallurgical coal for anaerobic heating. While both methods contribute to steel production, the BF-BOF process was the dominant method used in 2020.

Furthermore, the consumption of steel is often used as an economic development indicator, and this growth in steel production highlights the ongoing economic recovery. The various types of metallurgical coal, including anthracite, bituminous coal, sub-bituminous coal, and lignite, are utilized based on their carbon content and caking ability in the steelmaking process.

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The steel making segment was valued at USD 160.30 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 85% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional market trends and drivers that shape the market during the forecast period.

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The market in the Asia-Pacific (APAC) region is projected to expand at a faster pace compared to other regions, driven by the significant demand from the steel industry. Factors such as industrialization and infrastructure growth in developing countries like China and India are fueling the demand for steel, which relies on metallurgical coal as a primary raw material for its production. With the rapid urbanization of cities in Asia, the need for steel is high for infrastructure development. Metallurgical coal, with its high carbon content, is essential for producing carbon-rich coke required for coking processes in steelmaking. In 2023, China, Australia, Indonesia, and India were the leading contributors to the growth of the market in APAC.

Furthermore, the demand for this coal type is particularly high in countries like China, which is the world's largest consumer and importer of metallurgical coal. The primary use of these in APAC is for electricity generation and household heating, as well as anaerobic heating and the production of pig iron from iron ore. The caking ability of metallurgical coal is crucial for its use in the steel industry, ensuring the successful production of high-quality iron and steel products.

Market Dynamics

Metallurgical coal, also known as coking coal, plays a vital role in the steelmak

In the third quarter of 2024 (Q3 2024), the Australian coking coal price was 211 U.S. dollars per metric ton, down from 243 U.S. dollars per metric ton in the previous quarter. Coking coal, also known as metallurgical coal, is a low-ash, low-sulfur, low-phosphorus coal that is used to produce coke, which is the main source of carbon used to make steel.

Learn about the price fluctuations of metallurgical coal over the years and understand the factors that influence its price. Explore the impact of supply disruptions, demand from the steel industry, and the effects of the COVID-19 pandemic on the metallurgical coal market.

The article discusses the importance of the coking coal price index in tracking and analyzing price trends of coking coal in the global market. It explains how the index takes into account various factors and provides a standardized measure of the average price of coking coal. Market participants can use the index to monitor price movements, make informed decisions, and manage their price risk. The article also mentions the commonly used Platts Coking Coal Index (PCCI) and other available indices from major

The price for one metric ton of Australian thermal coal amounted to an average of 136.10 U.S. dollars in 2024. This was a notable decrease compared to 2022, when the price amounted to over 300 U.S. dollars. Thermal coal, also known as steam coal, is used to generate electricity and its properties include a high moisture and low energy content. It is differentiated from coking coal, or metallurgical coal, which is largely used for steel production. Thermal coal/steam coal prices tend to be lower than coking coal prices, as coking coal requires fewer impurities. Coal consumption: the leading consuming countries Between 2000 and 2023, global coal consumption increased by some 65.27 exajoules, amounting to roughly 164 exajoules as of 2023. Today, China and India are the two leading coal consumers worldwide, at 91.94 and 21.98 exajoules, respectively. The two most populous countries on the planet thus accounted for over two-thirds of total coal consumption in 2023. The U.S. is a leading coal consumer despite the declining U.S. coal mining industry The United States was ranked third among the leading coal consuming nations in 2023, however, it has decreased its coal consumption for electricity generation considerably since 2007. This is largely the result of electric utilities switching to cheaper means for energy production such as natural gas and renewables, as well as growing concerns over greenhouse gas emissions. The U.S. coal mining industry has also been on the decline in recent years.

Australia BHP: Average Realized Price: Coal: Metallurgical Coal data was reported at 177.220 USD/Tonne in Jun 2018. This records an increase from the previous number of 164.220 USD/Tonne for Dec 2017. Australia BHP: Average Realized Price: Coal: Metallurgical Coal data is updated semiannually, averaging 164.220 USD/Tonne from Jun 2017 (Median) to Jun 2018, with 3 observations. The data reached an all-time high of 177.220 USD/Tonne in Jun 2018 and a record low of 163.300 USD/Tonne in Jun 2017. Australia BHP: Average Realized Price: Coal: Metallurgical Coal data remains active status in CEIC and is reported by BHP Billiton Group. The data is categorized under World Trend Plus’s Top Company: Metal and Mining: Asia Excluding China – Table WB.AT003: BHP Billiton Group (BHP): Operational Data.

The Metallurgical Coal Market is projected to grow at 4.0% CAGR, reaching $17.89 Billion by 2029. Where is the industry heading next? Get the sample report now!

South Korea Coking Coal data was reported at 172.000 USD/Ton in 25 Mar 2025. This stayed constant from the previous number of 172.000 USD/Ton for 24 Mar 2025. South Korea Coking Coal data is updated daily, averaging 271.000 USD/Ton from Jul 2021 (Median) to 25 Mar 2025, with 937 observations. The data reached an all-time high of 662.750 USD/Ton in 15 Mar 2022 and a record low of 172.000 USD/Ton in 25 Mar 2025. South Korea Coking Coal data remains active status in CEIC and is reported by Ministry of Trade, Industry and Energy. The data is categorized under Global Database’s South Korea – Table KR.P002: Raw Material Prices.

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.

According to Cognitive Market Research, the global Coking Coal market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00%from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD XX million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Middle East and Africa held the major market ofaround 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The Steel Production held the highest Coking Coal market revenue share in 2024.

Key Drivers of Coking Coal Market

Growing Demand from Steel Industry to Increase the Demand Globally

The steel industry is a major consumer of coking coal, using it as a primary raw material in the production of steel. As the global economy continues to recover from the impacts of the COVID-19 pandemic, the demand for steel is expected to rise, driven by infrastructure development, construction projects, and the automotive sector. This increasing demand for steel is expected to boost the demand for coking coal, as it is an essential component in the steelmaking process. Additionally, the shift towards electric arc furnaces (EAFs) in steel production, which also require coking coal, is expected to further drive the demand for coking coal in the coming years.

Growing Urbanization and Industrialization to Propel Market Growth

Rapid urbanization and industrialization in emerging economies such as China, India, and Brazil are driving the demand for steel and, consequently, coking coal. As these countries continue to invest in infrastructure development, the demand for steel for construction, transportation, and manufacturing purposes is expected to increase. This trend is particularly pronounced in the construction of skyscrapers, bridges, and other infrastructure projects that require large quantities of steel. The growing middle class in these countries is also driving demand for consumer goods, automobiles, and appliances, all of which require steel, thus boosting the demand for coking coal.

Restraint Factors of Coking Coal Market

Environmental Concerns and Regulations to Limit the Sales

One of the key restraints in the coking coal market is the increasing environmental concerns associated with coal mining and steel production. The mining and burning of coal releases greenhouse gases and other pollutants into the atmosphere, contributing to air and water pollution and climate change. In response to these concerns, governments around the world are implementing stricter environmental regulations and emissions standards, which could increase the cost of coal production and limit its use in steelmaking. Additionally, the growing awareness of environmental issues among consumers and investors has led to a shift towards cleaner and more sustainable energy sources, potentially reducing the demand for coking coal in the long run.

Impact of Covid-19 on the Coking Coal Market

The COVID-19 pandemic has had a significant impact on the coking coal market, leading to disruptions in production, supply chains, and demand. The lockdowns and restrictions imposed to curb the spread of the virus resulted in a slowdown of economic activity, leading to a decrease in demand for steel and, consequently, coking coal. Many steel mills around the world either shut down or operated at reduced capacity, leading to a decline in coking coal consumption.

However, despite these challenges, the coking coal market showed resilience, with prices remaining relatively stable due to the gradual recovery of the global economy and the resumption of steel production. Governments around the world implemented stimulus packages to support economic recovery, which boosted infrastructure projects and construction activities, leading to an increase in ...

According to Cognitive Market Research, the global Metallurgical Coal Market size will be USD 15412.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 3.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 6165.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 1.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 4623.75 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 3544.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 770.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 308.25 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
The hard cooking coal category is the fastest growing segment of the Metallurgical Coal industry

Market Dynamics of Metallurgical Coal Market

Key Drivers for Metallurgical Coal Market

Infrastructural advancement to Boost Market Growth

Global demand for metallurgical coal is mostly driven by the expansion of infrastructure. Steel is a vital building element used in construction projects, and its demand is growing as nations try to update and extend their infrastructure networks. Because it's used to make coke, an essential fuel and reducing agent in blast furnaces, metallurgical coal plays a pivotal role in the steelmaking process. This coke, made from metallurgical coal, makes it easier to separate iron from iron ore and turn it into steel. Thus, there is a significant demand for metallurgical coal as a result of strong infrastructure development projects, which include building roads, bridges, trains, airports, and urban infrastructure. Furthermore, in order to comply with strict performance requirements and safety laws, infrastructure development projects frequently need premium steel with certain metallurgical qualities. Hard coking coals (HCC), in particular, are crucial for making the premium coke required to produce steel with exceptional strength, durability, and resistance to corrosion.

Usage of 3D mine visualizers to Drive Market Growth

Coal mining companies employ 3D mine visualizers to obtain a real-time digital representation of a mine. The operator receives a three-dimensional version of the mine plan created by a three-dimensional mine visualizer. A web-based interface allows any connected device to get information about the model. Operators may examine and assess past data to improve productivity and identify best practices thanks to its comprehensive 3D recording and replay capabilities. 3D mine visualizers are quite helpful for large-scale mining sites. Planning operations, identifying problem areas, and tracking mine development over time can all be done with its help. High-resolution 3D spatial data can be used by users to trace operations from source to port or facility through the use of 3D visualisation.

Restraint Factor for the Metallurgical Coal Market

Disruptions to the Supply Chain, will Limit Market Growth

The production, distribution, and stability of the global metallurgical coal market are all negatively impacted by supply chain disruptions. The supply chain for metallurgical coal can be affected by a number of things, such as traffic jams, labor disputes, natural disasters, geopolitical unrest, and regulatory changes. The flow of metallurgical coal from mines to steel mills and export ports can be hampered by disruptions in the transportation infrastructure, such as port closures, railroad blockades, or road closures, which can cause delays and raise logistics costs. Furthermore, trade disputes or geopolitical tensions between nations may lead to export limits, taxes, or trade barriers that alter market dynamics and impede the flow of metallurgical coal across international borders.

Impact of Covid-19 on the Metallurgical Coal Market

Covid-19 had a significant impact on the Metallurgical Coal Market. Globally, COVID-19 has hindered the expansion of all industries. As lockdown has been imposed w...

Explore the volatility of metallurgical coal prices, crucial for the global steel industry, influenced by demand shifts, supply dynamics, geopolitical tensions, and economic factors. Understand how historical trends and future forecasts impact market strategies.

Learn about the fluctuations in the price of metallurgical coal per ton over the years, influenced by market conditions, supply and demand dynamics, and quality factors. Discover the impact of China's demand, oversupply, and recovery driven by increased steel production and infrastructure spending.

Explore the dynamic and volatile hard coking coal price trends influenced by global demand, supply chain disruptions, geopolitical tensions, and the shift towards sustainable energy. Understand the impact of these factors on steel production costs and market strategies.

Graph and download economic data for Export Price Index (End Use): Metallurgical Grade Coal (IQ11010) from Jan 2025 to Feb 2025 about grades, coal, end use, exports, price index, indexes, price, and USA.

India Coal: Representative Price: Non-Coking: Grade: G13 data was reported at 1,642.000 INR/Ton in Dec 2024. This records a decrease from the previous number of 1,680.000 INR/Ton for Nov 2024. India Coal: Representative Price: Non-Coking: Grade: G13 data is updated monthly, averaging 1,729.500 INR/Ton from Mar 2020 (Median) to Dec 2024, with 58 observations. The data reached an all-time high of 2,960.000 INR/Ton in May 2022 and a record low of 1,180.000 INR/Ton in Jul 2020. India Coal: Representative Price: Non-Coking: Grade: G13 data remains active status in CEIC and is reported by Ministry of Coal. The data is categorized under India Premium Database’s Energy Sector – Table IN.RBT002: Coal: Representative Price.

On March 21, 2025, the U.S. Central Appalachian coal price stood at 78 U.S. dollars per short ton. Figures stayed below 80 U.S. dollars for most of 2024 and all of 2025, except for late June and late September 2024. Central Appalachian coal is produced in parts of Eastern Kentucky, Virginia, West Virginia, and Tennessee. In 2023, the annual Central Appalachian coal spot price stood at 73.59 U.S. dollars per metric ton.

China Market Price: Coking Coal: 10th Grade: Price at Mines data was reported at 1,383.000 RMB/Ton in Feb 2019. This stayed constant from the previous number of 1,383.000 RMB/Ton for Jan 2019. China Market Price: Coking Coal: 10th Grade: Price at Mines data is updated monthly, averaging 870.000 RMB/Ton from Apr 2014 (Median) to Feb 2019, with 59 observations. The data reached an all-time high of 1,383.000 RMB/Ton in Feb 2019 and a record low of 685.000 RMB/Ton in Dec 2018. China Market Price: Coking Coal: 10th Grade: Price at Mines data remains active status in CEIC and is reported by Price Monitoring Center, NDRC. The data is categorized under China Premium Database’s Price – Table CN.PA: Price Monitoring Center, NDRC: Market and Contract Price: Coal.