𝐏𝐫𝐢𝐜𝐞 𝐖𝐚𝐭𝐜𝐡™ provides price assessments for Coal across top trading regions:
Asia-Pacific
- Coal price RB1 (6000 NAR) FOB Richards Bay, South Africa
- Coal price RB2 (5500 NAR) FOB Richards Bay, South Africa
- Coal price thermal coal (3400 GAR) FOB Kalimantan, Indonesia
- Coal price thermal coal (4200 GAR) FOB Kalimantan, Indonesia
- Coking coal PHCC FOB Hay Point, Australia
- Coking coal PCI FOB Hay Point, Australia
- Met Coke (BF 25-90 mm) Ex-East Coast, India
Middle East & Africa
- Coal price RB1 (6000 NAR) FOB Richards Bay, South Africa
- Coal price RB2 (5500 NAR) FOB Richards Bay, South Africa
Note: In assessments structured as CIF [Importing Port] (Exporting Country), the country mentioned in brackets indicates the primary origin of supply (exporting country), while the named port refers to the destination port in the importing country. Other Incoterms (FOB, FD, EXW, etc.) should be interpreted in accordance with standard international trade definitions.
Coal Price Trend Q4 2025
In the fourth quarter of 2025, the global coal market experienced varied performance across regions and specifications, shaped by strong winter power demand in Asia, steady steel production recovery, and logistical challenges from weather patterns. Export origins like South Africa benefited from reliable port operations and heating season purchases, while Australian premium grades saw sharp gains from tight supply amid steel mill restocking. Indonesian thermal coals rallied on Chinese electricity needs and Indian industrial usage, contrasting with selective softness in injection grades. India’s metallurgical coke firmed as domestic steel expansions absorbed redirected international tonnages, creating a dynamic landscape of regional strength versus localized pressures.
Coal price RB1 (6000 NAR) FOB Richards Bay, South Africa
The price trend of RB1 grade coal from South Africa rose by 1.7% in Q4 2025, primarily supported by consistent export demand from Asian power plants seeking reliable winter heating supplies and improved rail connectivity to Richards Bay port reducing bottlenecks. Indian utilities increased purchases ahead of seasonal peak consumption, while weather-related delays from competing suppliers like Colombia created favorable market tightness. Capesize vessel availability remained constrained for long-haul routes to China, supporting freight-adjusted premiums. Domestic mine productivity benefited from stable rainfall patterns avoiding flood disruptions. RB1 coal prices from South Africa rose by 5.4% in December 2025 as power sector contracts locked in shipments early, moderating spot market activity. Traders focused on fulfilling term commitments over aggressive bidding, while European buyers maintained steady background interest.
Coal price RB2 (5500 NAR) FOB Richards Bay, South Africa
The price trend of RB2 grade coal from South Africa rose by 3.1% in Q4 2025, driven by robust demand from Pakistan’s cement kilns expanding capacity and domestic Eskom power stations achieving better generation stability despite intermittent load shedding challenges. Low-sulfur specifications attracted European industrial users avoiding Russian coal amid geopolitical shifts, while competitive freight rates outperformed Australian thermal alternatives on Middle East routes. Favorable dry season conditions enhanced open-pit mine efficiencies across Mpumalanga operations. RB2 coal prices from South Africa rose by 6.4% in December 2025 as cement manufacturers restocked ahead of Ramadan construction peaks. Bulk terminal bookings firmed up January sailings, reducing immediate spot availability without sparking panic buying.
Coking coal PHCC FOB Hay Point, Australia
The price trend of PHCC premium hard coking coal from Australia surged by 9.4% in Q4 2025, propelled by aggressive Indian steel mill imports ahead of government quota restrictions and Chinese blast furnace restarts following extended maintenance schedules. Monsoon disruptions in alternative premium suppliers like Mozambique tightened high-CSR quality availability, while Queensland rail washouts delayed competing lower-spec tonnages. Exceptional free-swelling index metrics commanded peak market premia from optimizing steelmakers. PHCC coal prices from Australia rose by 8.0% in December 2025 as steel producers secured January-quarter cargoes amid rallying Dalian futures positioning. Port inventories drew down steadily, reinforcing supplier pricing power through year-end.
Coking coal PCI FOB Hay Point, Australia
The price trend of PCI coal from Australia declined by 1.8% in Q4 2025, pressured by abundant US thermal coal serving as economical pulverized coal injection substitutes and heavily discounted Russian volumes capturing Southeast Asian steel contracts. Prolonged wet season logistics hampered efficient evacuations from Bowen Basin complexes, while inconsistent yield recoveries from coal preparation plants eroded competitive quality premia. Squeezed steel mill profitability prompted selective PCI blend reductions favoring cheaper alternatives. However, PCI coal prices from Australia rose by 5.2% in December 2025 as buyers gradually shifted toward more economical lower-specification injection fuels. Secondary market activity remained subdued ahead of Chinese New Year factory slowdowns.
Coal price thermal coal (4200 GAR) FOB Kalimantan, Indonesia
The price trend of 4200 GAR thermal coal from Indonesia climbed by 10.4% in Q4 2025, boosted by Chinese thermal power stations ramping output to offset natural gas supply shortfalls and Indian cement plants accelerating expansions post-festive season recovery. Geared bulk carrier availability tightened significantly for Kalimantan mine-to-port movements, elevating FOB Kalimantan basis values above regional benchmarks. Localized flooding across East Kalimantan concessions temporarily curtailed high-strip-ratio pit advancements. 4200 GAR coal prices from Indonesia fell by 1.9% in December 2025 as regional power utilities preemptively covered anticipated dry season generation requirements. Spot tender activity intensified across Java power complexes seeking forward cover.
Coal price thermal coal (3400 GAR) FOB Kalimantan, Indonesia
The price trend of 3400 GAR thermal coal from Indonesia increased by 5.5% in Q4 2025, lifted by Pakistani independent power producers rebuilding working inventories and Bangladesh utility stabilization following monsoon flood disruptions. Competitive calorific values drew Vietnamese industrial coal consumers avoiding premium Australian pricing, while Sumatra riverine barge capacity constraints amplified availability premia for smaller-lot cargoes. Regional electricity tariff adjustments stimulated incremental industrial consumption patterns. 3400 GAR coal prices from Indonesia rose by 0.3% in December 2025 with independent power producer contracts steadily absorbing available spot market volumes. Domestic trucking rates firmed modestly ahead of Ramadan factory restarts.
Met Coke (BF 25-90 mm) Ex-East Coast, India
The price trend of met coke in India rose by 5.0% in Q4 2025, triggered by exhaustion of low-ash metallurgical coke import quotas redirecting premium Australian volumes profitably and domestic direct reduced iron producers initiating blast furnace conversion trials. Monsoon-delayed merchant pig iron operations generated substantial catch-up consumption requirements, while coastal steelmakers like Tata absorbed redirected Chinese-origin tonnages. Stringent Chinese export licensing positioned India as preferred alternative destination. Met coke prices in India rose by 0.6% in December 2025 as primary steel producers secured first-quarter requirements ahead of Chinese New Year production pauses. Battery limitations at Mundra and Vizag terminals created localized stock premia.



