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IndiaQ1 2025
The first quarter of 2025 opened with Indonesian coal experiencing price declines to $49.7/MT as against $52.3/MT in last quarter, primarily driven by persistent oversupply conditions and weakening regional demand as major Asian economies continued their accelerated transition toward renewable energy sources and reduced coal dependency.
South African coal markets reflected cautious sentiment as European buyers adopted wait-and-see approaches amid improving energy security conditions and mild winter weather patterns that reduced immediate coal requirements. Australian coal markets continued to face challenging conditions with market participants expressing concerns over long-term demand sustainability, as traditional importing nations strengthened their commitments to carbon neutrality targets and domestic renewable capacity expansion.
Indian coal sentiment remained mixed as the market balanced between improved domestic production capabilities and seasonal industrial demand patterns, with market participants closely monitoring government policy directions and infrastructure development priorities. The quarter overall demonstrated the ongoing structural transformation of global coal markets, with regional suppliers adapting to evolving demand patterns while navigating the complex interplay between energy security needs and environmental commitments across major consuming economies.
Q4 2024
The final quarter of 2024 presented a complex market landscape with varying regional performances reflecting divergent supply-demand fundamentals. South African coal experienced slight price moderation after previous gains, as winter demand in the Northern Hemisphere normalized and buyers completed seasonal stockpiling activities.
Indonesian markets showed marginal price recovery following sustained pressure in earlier quarters, benefiting from year-end restocking activities and improved demand from power generation sectors across Asia.
Australian coal faced continued substantial declines with further significant price corrections, highlighting ongoing structural challenges including reduced Chinese imports, increased domestic renewable capacity in key markets, and growing environmental restrictions on coal trade.
Indian coal markets witnessed notable price declines as domestic production reached new highs, government policies favored local sourcing, and import dependency decreased significantly. The quarter concluded with mixed sentiment as market participants weighed short-term seasonal factors against long-term structural trends toward cleaner energy alternatives, while geopolitical tensions continued to influence trade patterns and energy security considerations globally.
Q3 2024
The third quarter witnessed mixed market dynamics as regional factors began to dominate global coal trade patterns. South African producers benefited from continued price strengthening, reflecting sustained European demand driven by energy security concerns and industrial recovery in key markets.
Indonesian coal faced persistent downward pressure with further price erosion, as increased competition from other regional suppliers and environmental regulations in key importing countries dampened long-term demand prospects.
Australian coal markets showed signs of stabilization with modest price improvements after previous quarters’ steep declines, though sentiment remained fragile due to ongoing trade relationship complexities and structural demand shifts.
India maintained its steady trajectory with slight price increases, supported by robust domestic economic growth, industrial expansion, and strategic inventory building ahead of the peak demand season. Market sentiment reflected growing recognition of coal’s transitional role in energy security, even as long-term renewable energy commitments continued to shape procurement strategies across major consuming regions.
Q2 2024
The second quarter marked a period of tentative recovery and market stabilization as seasonal demand patterns began to emerge. South African coal showed signs of revival with notable price improvements, driven by renewed European demand as utilities prepared for potential energy security challenges and summer cooling requirements.
Indonesian supplies maintained their competitive edge with modest further coal price adjustments, as producers optimized output levels to match subdued but steady Asian demand, particularly from India and other Southeast Asian markets.
Australian coal continued to face challenging conditions with further significant price declines, as the market grappled with structural shifts in traditional demand patterns and increased renewable energy adoption by key importing nations.
Indian coal markets demonstrated stabilization with marginal price increases, supported by domestic industrial recovery and monsoon-related supply concerns that encouraged strategic stockpiling by power generators. Market participants expressed cautious optimism while closely monitoring geopolitical developments and their potential impact on global energy trade flows.
Q1 2024
The first quarter of 2024 opened with significant bearish sentiment across major coal markets globally, reflecting a substantial correction from the elevated levels witnessed in late 2023. South African coal markets experienced pronounced downward pressure as global demand moderated, and supply chains normalized following previous disruptions.
Indonesian coal demonstrated resilience with stable conditions, though still facing minor downward adjustments as Asian buyers adopted cautious procurement strategies amid uncertain economic outlook.
Australian coal markets encountered substantial headwinds with considerable price corrections, primarily driven by reduced Chinese demand and increased competition from alternative suppliers.
The Indian market showed the most dramatic adjustment with steep price declines, reflecting domestic policy shifts toward renewable energy, reduced import dependency, and improved domestic production capacity. Overall market sentiment remained cautious as traders anticipated further demand softening amid global economic uncertainties and accelerating energy transition policies.
Q1 2025
In Q1 2025, Indian coal prices rebounded to $393/MT, a 2.1% quarter-on-quarter increase. The price uptick was driven by renewed demand from the power sector, as electricity consumption rose with the approach of summer and increased industrial activity.
Policy measures to further strengthen domestic supply chains and reduce import dependency also contributed to market stability. The sentiment was cautiously positive, with expectations that strong production growth and robust demand would support prices, even as the government continued to prioritize energy security and affordable power for all sectors.
Q4 2024
In Q4 2024, Indian coal prices fell to $385/MT, marking a 5.4% decrease from the previous quarter. The end of the monsoon season allowed mining activity to fully resume, leading to increased supply and easing previous constraints. Additionally, utilities had built significant inventories ahead of the festival and winter season, reducing spot market demand. Market sentiment was neutral to slightly bearish, as producers faced pressure to maintain sales in an environment of abundant supply and moderate demand. The focus shifted towards export opportunities and cost optimization to sustain profitability.
Q3 2024
Q3 2024 saw Indian coal prices rise marginally again to $407/MT, a 0.7% quarter-on-quarter increase. The price uptick was largely seasonal, as the monsoon period typically disrupts mining and transport, creating short-term supply constraints. Despite these challenges, India’s coal output stayed strong, with the government and private sector working to minimize disruptions and ensure steady supplies. The market sentiment was generally steady, with buyers and producers alike expecting prices to remain range bound as long as production targets were met, and demand growth stayed consistent.
Q2 2024
In Q2 2024, coal prices in India edged up slightly to $405/MT, a modest 1.2% increase from the previous quarter. This minor rebound was attributed to seasonal factors, such as the onset of summer and increased electricity consumption, which drove up demand for thermal coal. Despite the continued strength in domestic production, logistical challenges and intermittent weather disruptions affected the coal movement, supporting a mild price recovery. The market remained balanced, with utilities and industrial users maintaining healthy stockpiles. Sentiment was cautiously optimistic, as stakeholders anticipated steady demand but were mindful of the government’s ongoing push to keep supplies ample and prices in check.
Q1 2024
In Q1 2024, Indian coal prices dropped sharply to $400/MT from $507/MT in Q4 2023, representing a steep quarter-on-quarter decline of approximately 21%. This significant price correction was primarily due to a surge in domestic coal production, which reached record highs as India pushed to boost self-sufficiency and reduce reliance on imports. The government’s aggressive output targets led to ample supply, easing pressure on prices. Power demand remained robust, but the well-supplied market gave buyers more bargaining power, resulting in softer pricing. Market sentiment was stable, with industry participants confident that domestic production would continue to meet growing energy needs, further supporting India’s energy security goals.
PriceWatch is your trusted resource for tracking global coal price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the coal market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.
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These events underscore the coal market’s vulnerability to global disruptions and highlight the need for continuous monitoring of supply-demand dynamics.
This research methodology ensures that PriceWatch delivers the most accurate, timely, and actionable coal pricing assessments, helping our clients stay ahead of market trends and make informed business decisions.
Molecular Weight[g/mol]
CAS No
HS Code
Molecular Formula
Coal is a solid fossil fuel formed from the remains of ancient plants subjected to heat and pressure over millions of years. It is primarily composed of carbon, along with varying amounts of hydrogen, sulfur, oxygen, and nitrogen.
Packaging Type
Grades Covered
Incoterms Used
Synonym
PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
| Property | Specification |
| Carbon Content (%) | Varies by rank: Lignite (25–35%), Bituminous (45–86%), Anthracite (86–97%) |
| Hydrogen Content (%) | Around 5.5 ± 0.5% for humic coals |
| Nitrogen Content (%) | Usually 1–2% |
| Sulfur Content (%) | 0.5–4% (can vary widely) |
| Moisture (%) | 0.5–10% (lower in higher-rank coals, higher in lignite) |
| Volatile Matter (%) | 20–35% (higher in lower-rank coals, lower in anthracite) |
| Fixed Carbon (%) | Increases with rank; main combustible portion after volatile matter is removed |
| Ash Content (%) | 5–40% (depends on mineral impurities) |
| Calorific Value (MJ/kg) | Lignite: 10–20; Bituminous: 24–35; Anthracite: 32–36 |
| Density (g/cm³) | 1.1–1.5 |
| Porosity | Decreases with increasing rank; affects moisture-holding capacity |
| Hardness | Ranges from very soft (lignite) to hard (anthracite) |
| Color | Brown (lignite) to black and glossy (anthracite) |
| Ash Composition (%) | SiO₂: 20–40, Al₂O₃: 10–35, Fe₂O₃: 5–35, CaO: 1–20, MgO: 0.3–4, others |
Applications
Electricity Generation: The primary use of coal globally is as a fuel for thermal power plants to generate electricity. Coal is burned to produce steam, which drives turbines and generates power.
Steel Production: Coal, specifically coking (metallurgical) coal, is essential in the steel industry. It is converted into coke, which is then used to smelt iron ore in blast furnaces to produce steel
Cement Manufacturing: Coal serves as a key energy source in cement production, providing the high temperatures needed for the process. By-products from coal combustion are also used in concrete production
Industrial Uses: Many industries use coal as an energy source and raw material, including paper, aluminum, chemical, and pharmaceutical industries. Coal provides heat and is processed into various chemicals
Gasification and Liquefaction
Coal can be converted into synthetic fuels (liquid and gas) through gasification and liquefaction processes. These synthetic fuels can be used for transportation and as chemical feedstocks
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