Coal
Overview
Global thermal coal prices surged to record levels in 2022, experiencing unprecedented volatility. Prices have since come off as risks associated with Europe’s supply recede. At a global level, coal demand remains robust with security of supply shifting higher up the agenda of many governments in light of geopolitical upheaval.
In Europe, sanctions have shifted the region’s coal import mix away from Russia and towards other suppliers. The pace of coal plant phase-outs in the region is set to increase in the years ahead, with the role of coal in the electricity mix shifting further towards peak-load usage, making forward planning more challenging.
In Asia-Pacific, thermal coal remains a pillar of the power and industrial sectors. Global coal trade flows and price spreads are shifting, with flows from key suppliers Russia, Indonesia, Australia, South Africa, Colombia, and the US penetrating new markets, in response to price dynamics and trade barriers.
Keeping on top of prices and flows, and how coal markets intersect with other energy and commodity benchmarks, will be critical in the coming years.
Latest coal news
Browse the latest market moving news on the global coal industry.
Philippines' thermal coal imports recover in March
Philippines' thermal coal imports recover in March
Singapore, 7 May (Argus) — The Philippines' thermal coal imports rose on the year in March, as the country increased its reliance on coal-fired generation following emergency directives to ensure stable power supply. Overall thermal coal imports — including anthracite, non-coking bituminous and sub-bituminous coal — stood at 3.13mn t in March, up by 7.1pc from a year earlier and 12pc on the month, according to Philippine customs data. Indonesian coal accounted for nearly all of the Philippines' thermal coal imports in March. Shipments from Indonesia totalled 3.08mn t in March, up by 7.4pc on the year and by 12pc from February. Thermal coal imports in the first quarter of 2026 totalled 8.8mn t, up by 2pc from the same period a year earlier, customs data show. Imports increased as coal-fired generation rose on the year, reaching 5.06TWh in March, up from 4.85TWh a year earlier, according to data from the independent electricity market operator of the Philippines (IEMOP). But coal-fired output was slightly lower from 5.13TWh recorded in February, as overall power demand was lower on the month. Coal remains the main fuel source for electricity generation, accounting for 57.2pc of the power mix in March, up from 54.3pc a year earlier. The Philippines raised its coal-fired generation to ensure steady power supply as the US-Iran war has disrupted supplies of other energy products. Manila had earlier issued emergency directives to utilities, requiring power plants to remain fully operational and to comply with minimum inventory requirements. The Philippines' overall power generation totalled 8.84TWh in March, down slightly from 8.9TWh a year earlier. Gas-fired output reached 1.44TWh in March, down from 1.67TWh a year before, accounting for 16pc of generation, down from 19pc a year earlier. Hydropower output also waned, falling to 713GWh in March, down from 832GWh in 2025. Most parts of the country received below-normal rainfall, according to the Philippines' weather and climate authority Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa), which likely caused the drop in hydropower output. Temperatures in March were slightly cooler than average across most parts of Luzon and Visayas, and no extreme temperature records were surpassed during the month, said Pagasa. This likely led to lower demand for power for cooling purposes. By Nadhir Mokhtar Philippines thermal coal imports by origin t Mar '26 ± on-month (%) ± on-year (%) Mar '25 Feb '26 Indonesia 3,079,989 12 7.4 2,867,354 2,751,062 Others 46,703 55.7 -10.3 52,055 30,000 Total 3,126,692 12.4 7.1 2,919,409 2,781,062 Source: Philippines customs data Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Methane emission cuts could boost energy security: IEA
Methane emission cuts could boost energy security: IEA
London, 5 May (Argus) — Cutting methane leaks and routine flaring could unlock significant volumes of gas to alleviate pressure on a tight global LNG balance, according to the International Energy Agency's (IEA) methane tracker published on Monday. The effective closure of the strait of Hormuz since 28 February has shut in around a fifth of the world's LNG supply, with the IEA estimating 110bn m³ of gas passing through the waterway in 2025. But the agency suggests that roughly double the amount of gas trapped in the Mideast Gulf could be replaced by cutting methane emissions, which has the potential to relieve pressure on the tight global LNG market. The organisation indicates that large volumes of gas output are being wasted because of methane leaks, flaring and venting from oil and gas operations. And it estimates that around 100bn m³ of gas could be made available through a global effort to cut methane emissions from oil and gas operations, as well as an additional 100bn m³ through the elimination of non-emergency flaring. Deployment of infrastructure to achieve such large cuts would take time, but the IEA said that immediate measures across global upstream and downstream operations could relieve gas markets by nearly 15bn m³ in the short term. The report identifies the primary exporting countries with scope to create additional gas supply as Turkmenistan, Algeria and Nigeria, while Asia is the main importing region where gas losses could be prevented ( see graphs ). The agency also projects that around 30pc of all methane emissions tied to fossil fuels — more than 35mn t/yr — could be removed at no net cost, based on average energy prices in 2025. Required capital for abatement is lower than the market value of the gas captured to be sold or used, the IEA said. And the gap could grow as a result of the rise in prices cause by the war in the Middle East, according to the organisation. No sign of progress The IEA found that methane emissions tied to fossil fuels edged up on the year in 2025, indicating no progress towards targets. Output from the fossil fuel sector — including oil, natural gas, coal and bioenergy — reach record highs in 2025 and methane emissions from these activities totalled 124mn t. This is up from roughly 120mn t in 2024 . Oil production emitted the highest volume of methane at around 45mn t, coal closely following with 43mn t while emissions from gas output were 36mn t. And around 70pc of fossil-fuel methane emissions came from only 10 countries, with China, the US and Russia the leading emitters ( see graph ). Existing policies and regulations for global abatement will only cut energy-sector methane emissions by 20pc by 2030 and 26pc by 2035. This is short of the global methane pledge reduction target of a 30pc cut by 2030. By Iris Petrillo Potential additional gas supply from abatement of methane emissions in importing countries bn m³ Potential additional gas supply from abatement of methane emissions in exporting countries bn m³ Fossil-fuel methane emissions by country kt Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Transnet sets coal rail closure dates in South Africa
Transnet sets coal rail closure dates in South Africa
London, 5 May (Argus) — South Africa's state-owned rail operator Transnet Freight Rail (TFR) will close its coal-delivering north corridor for annual maintenance on 21 July-1 August. TFR will carry out track renewals, signalling upgrades and major infrastructure repairs, sharply curtailing coal deliveries to the Richards Bay Coal Terminal (RBCT). Coal movements during the maintenance window fell to 336,000t in 2024 and 125,000t in 2025. In comparison, TFR's average weekly deliveries to port were at 976,000t in 2024 and 1.06mn t in 2025. The operator typically increases deliveries to RBCT in the weeks preceding the maintenance period to mitigate the effect of reduced rail availability during the shutdown. While TFR has not issued a formal annual coal delivery target for this year, RBCT management — which is operationally dependent on TFR — said more than 60mn t of coal is expected to be delivered in 2026, alongside an internal ambition to sustain a 65mn t/yr run rate. TFR transported 18.8mn t of coal by rail to RBCT on 1 January-20 April, equivalent to a weekly average of 1.17mn t, Argus data show. RBCT accounts for about 90pc of South Africa's thermal coal exports, suggesting TFR is currently on track to move over 60mn t to the terminal on an annual basis. By Ashima Sharma Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Indonesia raises PKS export tax to $10/t for May
Indonesia raises PKS export tax to $10/t for May
Singapore, 4 May (Argus) — The Indonesian government has raised its export tax on palm kernel shells (PKS) to $10/t for May, up by $1/t from April, following high crude palm oil (CPO) prices. Export taxes have are at its highest level in more than two years since it last reached $10/t in January 2024. The CPO reference price for May is $1049.58/t, up from $989.63/t in April, according to Indonesia's trade ministry. The PKS export tax is linked to the CPO price on a sliding scale, based on the export tax calculation announced by Indonesia's finance ministry in 2017 (see table) . The government has kept the PKS levy at a flat rate of $5/t. This brings the total export tax and levy package for Indonesian PKS to $15/t for this month, the highest level in almost four years, when it was $16/t in July 2022. Export duties on palm oil products are paid to the treasury, while levies go to the government's Oil Palm Plantation Fund Management Agency to subsidise domestic biodiesel blending and replanting initiatives. Japanese utilities have been stockpiling PKS to mitigate any prolonged inflationary impact from the US-Iran war. A Japanese power producer concluded several spot deals last week for 10,000t of Indonesian PKS in a $95-101.90/t fob Sumatra range for loading between mid-June and mid-July. Up to 15 PKS shipments amounting to 150,000t were concluded also concluded last week for loading in July-December from the east coast of Sumatra to Japan at $93-100.50/t. Argus assessed the Indonesian market for PKS that meets Japan's feed-in-tariff at $100.06/t fob east coast Sumatra on 29 April. By Nadhir Mokhtar Indonesia PKS tax and levy $/t Export tax Export levy Total tax & levy Monthly CPO benchmark price May '25 7 3 10 924.5 June '25 6 3 9 856.38 July '25 6 3 9 877.89 Aug '25 7 3 10 910.90 Sep '25 8 3 11 954.71 Oct '25 8 3 11 963.61 Nov '25 8 3 11 963.75 Dec '25 7 3 10 926.14 Jan '26 7 3 10 915.64 Feb '26 7 3 10 918.47 Mar '26 8 5 13 938.87 April '26 9 5 14 989.63 May '26 10 5 15 1,049.58 Source: Indonesia finance ministry Indonesia PKS export tax scale $/t Indonesia's monthly CPO benchmark price Export tax Up to $680 3 $680-730 3 $730-780 4 $780-830 5 $830-880 6 $880-930 7 $930-980 8 $980-1,030 9 $1,030-1,080 10 $1,080-1,130 11 $1,130-1,180 12 $1,180-1,230 13 $1,230-1,280 13 $1,280-1,330 13 $1,330-1,380 13 $1,380-1,430 13 >$1,430 13 Source: Indonesia finance ministry Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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