COAL — AUSTRALIAN THERMAL
Australian thermal coal FOB Newcastle. Global seaborne coal benchmark — energy substitute when oil/gas spike.
218 monthly data points from 2010-01-01 to 2026-05-02.
Current$107.45/Mt
Change+2.3%
All-Time High$133.65/Mt (2026-03-14)
All-Time Low$16.52/Mt (2020-04-01)
2019 Avg$57.00/Mt
Data Points218
ALL-TIME (2010–2026)
Full history. Dashed line = 2019 average ($57.00/Mt).
   134 ┤                                                          ╭╮          
   127 ┤                                                          ││          
   120 ┤                                                          │╰╮         
   113 ┤                                              ╭╮          │ ╰─╮    ╭╮ 
   106 ┤             ╭╮ ╭╮                            ││         ╭╯   ╰─╮  │╰─  now
    99 ┤    ╭╮╭─╮   ╭╯╰─╯│                            ││         │      ╰──╯  
    92 ┤   ╭╯││ ╰─╮╭╯    │                           ╭╯╰╮  ╭╮    │            
    85 ┤╭╮ │ ╰╯   ╰╯     ╰╮                          │  ╰╮ ││    │            
    79 ┤╯╰─╯              │                         ╭╯   ╰╮││╭─╮ │            
    72 ┤                  │             ╭╮         ╭╯     ╰╯╰╯ ╰─╯            
    65 ┤                  │           ╭─╯│        ╭╯                          
    58 ┤─ ─ ─ ─ ─ ─ ─ ─ ─ │╭╮ ─ ─ ─ ─╭╯ ─│╭───╮ ─ │ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─   baseline
    51 ┤                  ││╰╮    ╭──╯   ╰╯   │  ╭╯                           
    44 ┤                  ╰╯ ╰╮╭──╯           │╭╮│                            
    37 ┤                      ││              ││╰╯                            
    30 ┤                      ╰╯              ││                              
    23 ┤                                      ││                              
    17 ┤                                      ╰╯                              
       └──────────────────────────────────────────────────────────────────────
        2010-01                            2019-03                     2026-05
1-YEAR
   132 ┤ ╭╮                                                                   
   130 ┤ │╰╮                                                                  
   127 ┤ │ │                                                                  
   125 ┤ │ │                                                                  
   122 ┤ │ ╰╮   ╭╮                                                            
   120 ┤╭╯  ╰───╯╰╮                                                           
   118 ┤│         ╰╮                                                          
   115 ┤│          ╰╮                                                         
   113 ┤│           ╰──────────╮                                              
   111 ┤│                      ╰╮                                     ╭─╮     
   108 ┤╯                       ╰─╮                                  ╭╯ ╰╮  ╭─  now
   106 ┤                          ╰────────╮                        ╭╯   ╰──╯ 
   104 ┤                                   ╰───╮             ╭─╮╭───╯         
   101 ┤                                       ╰─────────────╯ ╰╯             
       └──────────────────────────────────────────────────────────────────────
        2025-06                            2026-04                     2026-05
CONTEXT
Newcastle thermal coal is the global seaborne benchmark for power generation coal.
Hormuz link: Coal is the primary energy substitute when oil/gas prices spike.
2022 precedent: Ukraine crisis → gas shortage → coal surged to $420/Mt (from ~$60 baseline).
Hormuz closure → oil/gas spike → coal-fired power becomes relatively cheaper → demand surge.
However: EU carbon pricing (ETS) makes coal switching more expensive in Europe than Asia.
Key importers: China, India, Japan, South Korea — all also dependent on Gulf oil.
Coal shipping routes (Australia→Asia) are NOT affected by Hormuz but ARE affected by bunker fuel costs.
Source: World Bank Pink Sheet (monthly, 2010–present).
Updated monthly. 218 data points since 2010-01-01.
LinkedIn · rmn [at] project45.pl
If you find errors, want to suggest additions, or have data that should be here — write me.