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.
Uzbekistan coal prices mixed ahead of heating season
Uzbekistan coal prices mixed ahead of heating season
London, 27 August (Argus) — Prices for thermal coal for household use fell in Uzbekistan, while coal meant for thermal power plant usage showed a broad increase in price, according to data from the Uzbek Commodity Exchange (Uzex). Data from the exchange show prices of 20-60mm sized D-grade thermal coal for household use were at $106.87/t as of last week, falling from $111.28/t last month. Utilities that use lignite sized at 0-300mm saw prices rise to $54/t levels last week from $30/t in the first week of June, while 0-50mm lignite prices hovered near $26/t from $24/t recorded a month ago. Uzex has been publishing prices for various grades of thermal coal since the country lifted price restrictions in early June, effectively ending state-set prices and shifting to a supply-and-demand-based market system through exchange trading. The new system has allowed thermal power plants and large buyers to obtain coal through a "request for proposals" method or tenders at weighted-average exchange prices, while households placed orders through an online platform. State-owned coal miner Uzbekkomir said earlier this month that retail consumers will be able to pick from different coal suppliers through a web portal that will allow them to choose an acceptable offer in terms of price and quality of coal, and have coal delivered or picked up from designated distribution points. Domestic coal production in Uzbekistan fell by 16.7pc on the year to 2.5mn t in January-June, data from Uzbekistan's statistics bureau show. Uzbek coal production in the first six months of 2025 had totalled 3mn t and around 2.6mnt during the same period in 2024. The government had previously stated coal output is expected to increase to 11mn t in the coming autumn-winter, which typically spans September-February. Uzbekistan had aimed to produce 10mn t of coal during the last heating season. By Shreyashi Sanyal Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Barito River bottleneck hits Indonesian coal flows
Barito River bottleneck hits Indonesian coal flows
Singapore, 26 August (Argus) — Indonesian coal market participants are monitoring growing supply disruptions in central Kalimantan, where low water levels on the Barito River have forced some producers to declare force majeure on shipments, raising concerns over export availability as a strong El Niño threatens to prolong dry conditions. Any sustained reduction in river depth could constrain coal movements from mine sites to export terminals, potentially tightening seaborne supply at a time when Indonesian production is already facing constraints from delayed output quota (RKAB) approvals. The conditions have also hampered deliveries of fuel used in mining operations, forcing some producers to rely on more costly inland transport alternatives. Parts of the upper reaches of the Barito River have become completely unnavigable, with some mining companies in the area already declaring force majeure on shipments because of the situation, market participants said. Mines in this area primarily produce mid-to-high calorific coal, with several of them producing up to 100,000 t/month, an Indonesian producer told Argus today. El Niño typically brings drier-than-normal conditions across much of Indonesia, reducing rainfall and lowering river levels. Coal market participants are closely monitoring weather forecasts as prolonged dry conditions could further restrict navigation along the Barito River and other key waterways used by miners in central Kalimantan. Indonesia's Meteorology, Climatology, and Geophysics Agency (BMKG) last month said the El Niño phenomenon will persist at least until the beginning of the first quarter of 2027, with peak intensity exceeding the strong category. "The potential drought could be further exacerbated by the potential activation of the positive Indian Ocean Dipole phenomenon from September to December 2026," BMKG said. Market participants said it is hard to quantify the actual volumes being affected by the low water levels on the Barito River, but central Kalimantan accounted for total coal production of around 46.78mn t in 2025, of which 29.54mn t was exported and the remainder sold to the domestic market. Barging costs soar Standard barges of around 7,500-10,000t have a draft of around 6.5 metres but water levels are now significantly lower than this at around 3-4 metres on the central and lower stretches of the river, an Indonesian producer said. The low water levels on this stretch of the river have forced producers to limit barge loading capacity to 7,500t and even as low as 3,000-4,000t, producers said. But these options incur higher costs on a dollar per mile basis. Barging costs vary greatly depending on the distance needed to be navigated between loading stations and seaports or anchorages where coal is loaded onto oceangoing vessels. The Barito River spans around 770km, and market participants said typical barging costs are around $4.50-6.50/t for sets loading at mid-Barito River barging stations. Reducing volumes on 7,500-10,000t capacity barges to 3,000t to account for the reduced draft can effectively double the cost in some cases, a trader said. Standard costs for barging coal from mines on the upper reaches of the river can be as high as $10/t, he added. The barging-related supply disruptions are happening at a time when Indonesian coal supply is already being crimped by delays in mining companies receiving additional RKAB approvals for the remainder of 2026. The country in January hinted at a coal output target of 600mn t for 2026, which led to a significant cut in RKABs at the start of this year. This led to many producers seeking to apply for additional approvals after exhausting their previous quotas. Indonesia's overall coal production in 2025 was 817mn t, according to data compiled by the Indonesian Coal Mining Association. Jakarta subsequently indicated that coal output this year would be higher than the previous indication of 600mn t, but has yet not given an official target. Indonesia exported nearly 524mn t of thermal coal in 2025, according to Indonesian customs data. Several Indonesian mining firms have received additional RKABs this month, producers told Argus. B ut there is still supply uncertainty and as a result some mining companies are reluctant to enter into 2027 term contract negotiations with buyers, an official with a large Indonesian mining company told Argus . Market participants said coal buyers in China and India will be closely watching river conditions over the coming months, with current water levels likely to delay shipments and tighten availability of Indonesian coal in the seaborne market. By Andrew Jones Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Coal India aims to diversify into critical minerals
Coal India aims to diversify into critical minerals
Singapore, 25 August (Argus) — India's state-owned producer Coal India (CIL) has set up a Singapore subsidiary to explore global opportunities in critical minerals with an intent to diversify beyond its traditional coal mining business. The subsidiary, CIL Global, was incorporated on 24 August to facilitate the acquisition of assets and manage overseas investments, CIL announced. CIL aims to venture into mineral resources that are essential for clean energy technologies and industrial growth, it said in its recently released annual report for the April 2025-March 2026 fiscal year. CIL is the country's largest coal producer, accounting for almost 75pc of total annual output of 1.04bn t. It has large cash reserves to adequately invest in potential acquisition opportunities. It had 86.2bn rupees ($900mn) in cash and cash equivalent and another Rs439bn in bank balances as of 31 March 2026, according to its annual report. "CIL has succeeded in reducing India's coal imports and it has an opportunity to do something in the critical minerals space," Anil Kumar Jha, former chairman of Coal India, told Argus . "India is importing 96pc of its critical mineral needs and this model cannot last for long in a rapidly changing world. We need to act towards becoming self-reliant. India needs to act and secure assets outside." Jha also stressed that there is an opportunity to make more money in the processing and value addition of minerals instead of just producing and selling coal. India remains heavily reliant on imports for critical minerals including lithium, cobalt and rare earths, with domestic output projected to cover only around 10pc of annual demand by 2031. CIL's initiative aligns with India's National Critical Mineral Mission, which targets the acquisition of 50 overseas critical mineral assets by March 2031. The mission was launched in January 2025 with an outlay of Rs343bn over seven years, targeting 1,200 exploration projects and auctioning more than 100 critical mineral blocks. CIL earlier inked a partnership with Indian state-owned producer Hindustan Copper in 2025 to explore opportunities in the domestic critical minerals space. It also entered an agreement with the state-owned Chhattisgarh Mineral Development last year to collaborate in exploration and development of critical minerals. The company also secured a rare earth elements block in the western state of Maharashtra early this year. CIL is also investing in renewable and coal-fired power generation business, coal gasification and fertilisers, in a move to diversify. By Ajay Modi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US-Canada trade deal collapses as tariffs begin
US-Canada trade deal collapses as tariffs begin
Washington, 22 August (Argus) — The US began collecting new tariffs on about $28bn of Canadian imports on Saturday, and Canada vowed to retaliate, after the two countries failed to reach a trade deal after months of negotiations. Trade negotiations collapsed late on Friday, prompting the US to impose new 50pc tariffs on commodities such as cement, plywood and paper. The impasse also means, at least for now, the end of an effort to reduce US tariffs on Canadian steel and aluminum. Canadian prime minister Mark Carney said he would match the tariffs "dollar for dollar", escalating a trade fight that President Donald Trump launched near the start of his second term by putting steep tariffs on vast amounts of imports coming across the border. "This evening, I have decided to suspend trade negotiations with the US," Carney said after negotiations fell apart. "Last-minute changes in the US proposed terms were unfair, uneconomic, and called into question the reliability of any deal." The US blamed Canada for the failure of talks, claiming Canada made "new demands" and walked back other commitments, despite being offered significantly lower tariffs on steel, aluminum, automobiles and lumber. "This is a missed opportunity for Canada to partner with the United States," the US Trade Representative Jamieson Greer said in a social media post. The collapse of the deal comes as Trump is facing political blowback over the high prices consumers are paying partly because of his tariffs. On Friday, Trump said he reached a deal allowing up to 300,000 metric tons of ground beef to be imported without tariffs, which he said would lower beef prices. The latest 50pc tariffs will not apply to energy, potash or critical miners, but they will tack on additional costs on other key imports into the US. The failure of the trade talks also could derail Trump's hopes of reviving the Keystone XL crude pipeline. Trump, just days before the trade negotiations faltered, had said that under a deal Keystone XL "may be awoken from the grave" despite being cancelled in 2021. The administration had not offered details about a strategy to restart the project, which its developers abandoned years ago in favor of alternatives such as the 550,000 b/d Prairie Connector pipeline. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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