Monthly and long-term thermal coal price data (US$/mt): historical series and analyst forecasts curated by FocusEconomics.

Newcastle thermal coal is forecast to have an average price of *** nominal U.S. dollars per metric ton for 2025. By the end of 2029, the Newcastle thermal coal price is expected to amount to ****** nominal U.S. dollars per metric ton.The Newcastle (NEWC) thermal price for coal is the benchmark for seaborne coal contracts within the Asia-Pacific region, which is home to the largest coal producing countries.

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.

The Report Covers the China Coal Market Outlook and is Segmented by Applications (power Generation (thermal Coal), Coking Feedstock (coking Coal), and Other Applications). The Report Offers the Market Size and Forecasts for Coal in Revenue (USD) for all the Above Segments.

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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

The size of the China Coal Market was valued at USD 94.65 Million in 2023 and is projected to reach USD 106.14 Million by 2032, with an expected CAGR of 1.65% during the forecast period. Recent developments include: November 2022: The government of China extended long-term thermal coal supply contracts to all coal mines for 2023 and pushed power utilities to source more of their needs through such contracts to secure market supply and stabilize prices. The long-term contract will include all coal mining companies and coal-fired electricity and heating plants., February 2022: The eastern Chinese coastal province of Zhejiang approved the construction of a USD 840 million coal-fired power station. According to the Zhejiang Energy Group, the Phase 2 Project of the Liuheng Power Plant will help balance the province's energy supply and demand.. Key drivers for this market are: Increasing Electricity Demand, Rising Investments in the Coal Industry. Potential restraints include: Increasing Installation of Renewable Energy Sources. Notable trends are: The Power Generation Segment Expected to Dominate the Market.

Asia Pacific Coal Market is segmented by End User (Power Station (Thermal Coal), Coking Feedstock (Coking Coal), and Others) and Geography (China, India, Indonesia, and Rest of Asia-Pacific).

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.

The size of the India Coal Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 7.57% during the forecast period. Recent developments include: February 2023, the 2600 megawatt Singareni Thermal Power Plant (STPP) at Pegadapalli in Mancherial district is all set to become South India's first public sector coal-based power generating station and the country's first among State Public Sector Undertakings (PSU)., November 2022, Following the contract award for a 1,320 megawatt (MW) thermal power plant in Talcher, Odisha, NTPC Ltd concluded contracts for four additional coal-fired power projects over the next three years. These four projects will increase energy generation capacity by 4.8 gigatonnes (GW).. Key drivers for this market are: 4., Increasing Power Generation Capacity Plans and Increasing Electricity Demand4.; Rapidly Growing Industrial and Infrastructural Development Activities. Potential restraints include: 4., Coal Substituted with Clean Energy Sources. Notable trends are: Increasing Thermal Power Generation is Expected to Drive the Market.

Colombia Domestic Price: Thermal Coal: COP data was reported at 127,584.340 COP/Ton in 2015. This records an increase from the previous number of 119,190.240 COP/Ton for 2014. Colombia Domestic Price: Thermal Coal: COP data is updated yearly, averaging 58,881.000 COP/Ton from Dec 1994 (Median) to 2015, with 22 observations. The data reached an all-time high of 127,584.340 COP/Ton in 2015 and a record low of 24,187.000 COP/Ton in 1994. Colombia Domestic Price: Thermal Coal: COP data remains active status in CEIC and is reported by Colombian Mining Information System. The data is categorized under Global Database’s Colombia – Table CO.RB029: Coal Price.

The statistic gives projections of the cost for coal and natural gas between 2016 and 2050. It is predicted that in 2020, natural gas cost will 6.69 U.S. dollars per million British thermal units compared with 6.13 for metallurgical coal.

The Report Covers Indian Coal Market Size & Share and It is Segmented by Application (Power Generation (Thermal Coal), Coking Feedstock (Coking Coal), and Other Applications). The Report Offers the Market Size and Forecasts in Terms of Volume for all the Above Segments.

The thermal coal forecast examines the future trends and patterns in the thermal coal market, considering factors such as energy demand, environmental regulations, economic conditions, technological advancements, and supply-side dynamics.

The North America Metallurgical Coal Market was valued at USD 23.72 Billion in 2024 and is expected to reach USD 27.27 Billion by 2030 with a CAGR of 2.35% during the forecast period.

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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

The size of the Indonesia Thermal Coal Market market was valued at USD 14770.84 Mn in 2024 and is projected to reach USD 22209.88 Mn by 2033, with an expected CAGR of 6.00% during the forecast period. Recent developments include: November 2022: the Indonesian government propounded that they would permit the construction of new coal plants, with a capacity of 13 gigawatts, that have been tendered out. The plan is in the country's 10-year energy plan for 2021-2030.. Notable trends are: Growing need for energy-efficient and high-performance semiconductors is driving the market growth.

The price of thermal coal is determined by factors such as supply and demand, production costs, environmental regulations, and the availability of alternatives. This article provides an overview of these factors and discusses major global thermal coal price indices. It also highlights the price volatility and uncertainties surrounding the future outlook for thermal coal prices.

China Settlement Price: ZCE: Thermal Coal: 4th Month data was reported at 801.400 RMB/Ton in 02 Dec 2025. This stayed constant from the previous number of 801.400 RMB/Ton for 01 Dec 2025. China Settlement Price: ZCE: Thermal Coal: 4th Month data is updated daily, averaging 551.000 RMB/Ton from Sep 2013 (Median) to 02 Dec 2025, with 2962 observations. The data reached an all-time high of 1,732.400 RMB/Ton in 19 Oct 2021 and a record low of 288.600 RMB/Ton in 25 Nov 2015. China Settlement Price: ZCE: Thermal Coal: 4th Month data remains active status in CEIC and is reported by Zhengzhou Commodity Exchange. The data is categorized under China Premium Database’s Financial Market – Table CN.ZB: Zhengzhou Commodity Exchange: Commodity Futures: Settlement Price: Daily.

Coal prices for electric power generation in the United States were 2.48 U.S. dollars per million British thermal unit in 2024. This is a decrease when compared to the previous year. Average coal prices are forecast to drop in the following years.