Coal

India’s largest steelmaker JSW Steel reported Q2 profit more than tripling to 52.79 billion rupees while warning coking coal costs will rise $25/t in Oct-Dec. CEO Jayant Acharya cited the spike on a post-earnings call and said the firm will shift toward cheaper domestic coking coal to offset margins. The move highlights persistent supply tightness in metallurgical coal amid recovering Chinese and Indian steel demand. Read →

Coal India’s pithead inventory fell 49% to 66.58 million tonnes by end-September as H1 offtake of 384.2 million tonnes outpaced production of 321 million tonnes. Production slipped 2.5% YoY while dispatches rose 7.6%, tightening domestic thermal supply ahead of winter. The drawdown supports higher e-auction premiums and potential import needs for Indian power plants. Read →

Road transport on Mongolia’s Tavantolgoi-Manlai-Khangi corridor to China’s Mandula border was suspended from 19:00 on Oct 27 for repairs after failing safety standards. The route carries significant volumes of premium coking coal; the halt adds near-term supply pressure to Chinese steel mills already facing domestic mine-safety constraints. Read →

Kpler estimates October thermal coal imports at 15.06 million tonnes, the highest since May 2025 and up sharply from 11.29mn t in September, driven by record coal-fired generation of 86.27 TWh in the first 22 days of October and post-monsoon industrial demand. Power plant stocks fell to 19.93mn t, or about six days of cover, with many plants at critical levels. Buyers booked cargoes in late September/early October despite multi-year high prices, with Indonesian 4,200 kcal at $78.48/t fob Kalimantan. Read →

Australian premium low-vol hard coking coal surged above $300/t CFR China in September on reduced Chinese domestic output after mining accidents and safety inspections, plus constrained Mongolian exports from diesel shortages and a US mine outage. Sentiment has since turned cautious with prices retreating as Chinese buyers hold back amid weak steel margins and falling domestic coking coal prices; Indian buyers also remain selective. Read →

China Datang issued three tenders totaling 180 Kt of imported thermal coal for delivery in November-December to plants in Jiangsu, Guangdong and Fujian provinces. Cargoes specify CV ranges of 3,600-5,500 kcal/kg NAR. The tenders signal ongoing Chinese utility restocking needs ahead of winter despite domestic production recovery efforts. Read →

European thermal coal held at $148-150/t, highest since early 2023, supported by higher natural gas, oil and power prices from Strait of Hormuz issues and restricted Kazakh supplies. Chinese Qinhuangdao 5,500 NAR spot rose to $154/t on stronger consumption and winter buying, with Shanxi output recovery directives limiting near-term supply gains. Australian thermal benchmarks climbed while metallurgical prices faced pressure from expected Chinese domestic coking coal increases. Read →

Kpler estimates October thermal coal imports at 15.06 million tonnes, the highest since May 2025 and first year-on-year rise since January. Record coal-fired generation of 86.27 TWh through Oct 22, up 27.6% year-on-year, plus post-monsoon industrial demand from cement and sponge iron sectors drew down stocks to critically low levels at many plants. Cargoes booked in late September/early October reflect aggressive restocking despite multi-year high prices. Read →

Deputy Prime Minister Fadillah Yusof said Malaysia will consider extending existing coal-fired power plants if needed to ensure power supply, despite no new approvals. The policy stance prioritizes energy security amid regional demand pressures. This maintains coal's role in the power mix as the country balances transition goals with reliability needs. Read →

Newcastle coal futures closed at US$155/t on Oct 23, up 0.26% for the week and marking a fourth straight weekly gain. Support stems from Asian demand and supply uncertainty, with India prioritizing domestic output amid critically low plant stocks at 96 of 191 facilities as of Oct 19. Japan and South Korea are shifting from disrupted LNG supplies, sustaining seaborne demand despite high prices. Read →

Whitehaven Coal reported 11 million tonnes managed run-of-mine production for the September quarter, up 22% YoY and above consensus of 9.5Mt. Queensland operations rose 17% with metallurgical output from BHP-acquired mines; NSW thermal output jumped 27%. The miner expects stronger cash generation for the rest of FY27 and maintained full-year guidance despite sales slippage from terminal disruptions. Read →

India is delivering a record 2.6 million tonnes of coal daily to power plants, with supply expected to normalize soon per a senior power ministry official. This follows data showing 96 of 191 coal plants at critically low stocks (under 3 days) as of Oct 19, up from 60 in mid-September, due to surging power demand and reduced hydropower from El Niño weather. The boost targets easing shortages at plants including NTPC amid 45-50 GW higher peak demand versus last year. Read →

Whitehaven Coal reported managed ROM production of 11 million tonnes in the September quarter, beating consensus estimates and up 22% year-over-year, driven by strong Queensland output including Blackwater and Daunia mines. Equity sales of produced coal reached 6 Mt with average realized prices at A$226/t, up 20% YoY, while unit costs stayed at the low end of guidance. The company reaffirmed FY27 production targets and expects stronger cash generation as sales slippages unwind. Read →

China's key production hub mine-mouth thermal coal prices edged lower on Oct 22 as supply-boosting policies and subdued end-user purchases eroded sentiment. Northern port spot liquidity eased with CCI 5500 unchanged at 1,040 yuan/t amid gradual production resumptions. Coking coal held steady while overall market confidence weakened despite winter restocking expectations. Read →

Global metallurgical coal prices weakened in the week to Sept 24 as Chinese mine restarts and higher Mongolian imports narrowed China's supply deficit to just 0.13 million tonnes in September from 3.18 million tonnes in August. Australian coking coal declined with slower Chinese buying and poor steel margins, while Indian blast-furnace coke prices held steady amid tight availability. Read →

As of Oct 19, 96 of India's 191 coal-fired power plants held critically low stocks (under three days' supply), up from 60 in mid-September per Central Electricity Authority data. Total power plant coal stocks fell 5% since early October while daily peak demand ran 45-50 GW above year-ago levels due to hotter weather and lower hydropower output. Coal-fired generation rose 13.3% YoY in September yet the power deficit hit its highest level since August 2023, pressuring thermal coal demand and import needs despite domestic supply efforts. Read →

Northern port thermal coal sentiment softened Oct 19 with CCI 5500 index at 1,033 yuan/t after modest weekly gains; Australian 5,500 NAR rose $0.5/t to $139/t CFR while Indonesian 3,800 NAR edged up $0.2/t. Coking coal indices held steady with Shanxi low-sulfur primary at 2,348 yuan/t as mine restarts lifted output 3.77% WoW but steel demand remains soft. Pithead prices extended gains on winter restocking expectations amid tight spot supply and Daqin railway maintenance curbing port inflows. Read →

US coal exports totaled 2.028 million mt for the week ended Sept 27, down 3% from the prior week, with metallurgical shipments rising 23.63% to 1.092 million mt while thermal fell 22.17%. India became the top destination for US met coal at 340,839 mt after taking none the prior week, displacing Brazil. Overall volumes reflect diverging thermal and met segments amid global demand shifts. Read →

European thermal indices rose above 149 USD/t to three-year highs on rising gas prices and Middle East risks, while Qinhuangdao 5,500 NAR spot hit 150 USD/t post-National Day. Daqin Railway maintenance restricted Bohai inflows and Indonesian supply tightened from El Nino-driven disruptions, supporting Australian High-CV at 150 USD/t and Indian import deals for South African coal. Read →

India dropped plans to require power plants to blend imported coal as seaborne prices at multi-year highs and a weaker rupee raised costs. Policymakers instead directed Coal India to boost output and railways to speed deliveries amid critically low stockpiles at nearly half the plants. Read →

Chinese miners produced 385 million tonnes in September, down 6.8% year-on-year per statistics bureau data. Thermal power generation eased 1.4% month-on-month, but the drop heightens winter heating-season supply risks in the world's top consumer. The decline reinforces upward pressure on domestic and seaborne thermal prices ahead of peak demand. Read →

China imported 43.37 million tonnes of coal in September, down 5.7% from a year earlier and up only 3% from August per GACC data. Average import prices reached their highest level since 2024 amid tight Indonesian supply and domestic inventory dynamics. The figures signal sustained import demand despite high prices, supporting seaborne thermal and met coal markets. Read →

Indonesian miners and Asian buyers are delaying 2027 term supply deals due to uncertainty over RKAB production quotas, DMO obligations, and the new DSI export oversight body effective January 2027. Miners are adding protective clauses tying commitments to approved quotas. Expected 2026 output is 720-730 million tonnes versus 790 million in 2025, tightening seaborne availability and supporting prices like Platts FOB Kalimantan 4,200 kcal at $78.55/t on Oct 14. Read →

Newcastle futures rose over 40% this year and closed at the highest since August 2024. Power plants are stockpiling amid supply disruptions in China and Indonesia plus a switch from expensive LNG due to Middle East tensions. The IEA now forecasts global coal consumption will rise 1.2% to a record this year. Read →

European indices hit 143-145 USD/t, a three-year high, on rising gas prices and Black Sea shipping disruptions that cut Russian and Kazakh exports by an estimated 3 million tonnes monthly. Australian high-CV thermal rose to 149-150 USD/t while authorities lowered volume forecasts but noted Northeast Asian demand support from high LNG prices. Read →

Asian thermal coal prices reached a two-year high as utilities stockpile for winter amid supply disruptions in China and Indonesia. The IEA revised its 2026 global coal demand forecast upward to a 1.2% increase and record levels after the Iran conflict drove up oil and gas prices, prompting buyers to switch from natural gas. Newcastle futures closed Tuesday at the highest level since August 2024, up over 40% year-to-date. Read →

China imported 43.37 million tonnes of coal in September, down 6% year-on-year, as high domestic inventories and reduced summer cooling demand cut needs. Indonesia supply constraints from production quotas and low river levels also limited availability. Year-to-date imports rose 2.2% to 353.54 million tonnes. Read →

Benchmark price hit 1,004 yuan/t as Shanxi mine restarts lag safety approvals ahead of a key Communist Party meeting and Indonesia shipments fell sharply. Three-week maintenance on the main rail corridor through Oct 26 adds pressure. Winter demand rise and LNG strength from Hormuz disruptions sustain upward momentum. Read →

China’s benchmark power-station thermal coal price reached 1,004 yuan ($150) per ton Monday, the first time above 1,000 yuan in two years and up 25% since mid-July. Sluggish domestic production growth and supply disruptions from top exporter Indonesia coincide with an energy rally tied to the US-Iran conflict. The move tightens the seaborne market for importers and supports higher Newcastle and API2 benchmarks heading into winter. Read →

India’s largest power producer NTPC plans to source 10 million tonnes of coal from captive and commercial mines in the second half of FY27 amid critically low stocks at its plants. Standalone fleet stocks stood at 4.58 MT on Oct 5, or 36% of normative levels and enough for roughly six days. The move diversifies supply beyond Coal India as NTPC’s annual requirement rises toward 300 MT to meet surging power demand. Read →

Steel Authority of India airlifted a 1-tonne Mongolian coking coal sample to test as an alternative to Australian supply. India imports 95% of its coking coal needs, with Australia providing at least half; imports are forecast to rise 3-5% in 2026/27. Logistics via Russia would add cost but aid diversification. Read →

India’s largest power generator NTPC plans to procure around 10 million tonnes of coal from commercial mines in H2 FY27, scaling up to 10-15 MT annually thereafter. Stocks at its plants fell to 5.5 MT or roughly 5-6 days of consumption as of early October, down sharply from 18 MT in April, while overall coal demand is projected near 300 MT for the fiscal year amid rising electricity needs. The shift diversifies away from state-run suppliers like Coal India to secure supply for thermal generation. Read →

Chinese domestic thermal coal prices reversed their prior correction, with Qinhuangdao 5,500 NAR rising RMB 13/t to RMB 996/t and 6,000 NAR gaining RMB 12/t to RMB 1,091/t. Seaborne markets stayed selective amid Indonesian logistics constraints and cautious Indian buying, though falling port stocks in India limited downside pressure. Miners held October 4,200 GAR offers at $78-80/t FOB despite weaker participation from key buyers. Read →

Australia’s High Court dismissed MACH Energy’s appeal, invalidating approval for a 22-year extension and doubling of output at the Mount Pleasant open-cut mine in NSW’s Hunter Valley. The 3-2 ruling found the planning commission failed to consider conditions to minimize scope 3 emissions to the greatest extent practicable. The precedent requires future fossil-fuel approvals to account for downstream climate impacts felt locally. Read →

Newcastle-linked coal prices climbed to $152.20 per tonne on October 6, up 1.47% in 24 hours and the highest level since October 2024. Tightening global supply, including a 23% year-on-year drop in Indonesian shipments in August due to production quotas and El Niño disruptions, supports the move. The IEA’s Coal Mid-Year Update 2026 links the rally to record global demand driven by higher LNG prices from Middle East disruptions. Read →

Indonesia, the world’s largest thermal coal exporter, saw exports fall to a five-year low in September as government production quotas and low water levels in key Kalimantan barging rivers constrained shipments. Traders at the CoalTrans Asia conference in Bali noted the tightest supply conditions in years, even as soaring prices from gas-to-coal switching in Asia and Europe create an opportunity the country is struggling to capture. Read →

European coal indices climbed above 142 USD/t last week as TTF gas prices and Strait of Hormuz concerns supported switching. Chinese 5,500 NAR spot prices at Qinhuangdao reached 147 USD/t with port and power-plant stocks declining. Australian high-CV thermal coal hit nearly 148 USD/t while metallurgical coal eased on softer Chinese and Indian demand. Read →

Russia’s largest coking-coal mine idled after a September 30 fire in a dismantling chamber; 305 miners evacuated safely and operations suspended pending gas monitoring. Output at Raspadskaya PJSC already fell 16.5% year-on-year to 8.6 Mt through August. The outage adds supply risk to premium metallurgical coal already tight from earlier Chinese safety curbs. Read →

Coal India delivered 384.2 Mt total in April-September, up 7.6% YoY, with power-sector dispatches rising 6.1% to 302.8 Mt. Q2 power deliveries jumped 11% to 148.2 Mt as the firm drew down 63 Mt of pithead stocks. Domestic coal-fired generation rose 9.9% to 640 BU, easing availability concerns ahead of winter. Read →