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Latest Market News

Firmer prices lift Australian coking coal capacity

  • Spanish Market: Coking coal
  • 20/06/22

Around 8.4mn t/yr of new Australian coking coal production capacity has been bought on line this year, with a similar amount planned for the rest of 2022 and up to 14mn t/yr scheduled for 2023.

Firm, if volatile, metallurgical coal prices since late 2021 are starting to be reflected in mine restarts, new projects and expansions coming on line, bolstering supplies despite delays caused by extremely wet weather and safety concerns. The ramp-up of new projects, together with the approaching end of the 2021-22 fiscal year on 30 June, has seen vessel queues grow outside the key Queensland coking coal ports of Dalrymple Bay Coal Terminal, Hay Point and Gladstone.

Australian developer Bowen Coking Coal (BCC) began railing coal from its 1.2mn t/yr Bluff pulverised coal injection (PCI) grade mine to Gladstone this month. BCC uses Australian firm QCoal's washing and rail loading facilities at the 1.2mn t/yr Cook Colliery, which also restarted in April having closed in late 2019 when then owner Bounty Mining went into administration.

Cook, which produces thermal and coking coal, had been scheduled to restart in late 2021 but was delayed by bad weather and by safety concerns at its contractor Mastermyne following a rock fall at the 1mn t/yr Gregory-Crinum coking and thermal coal mine. Gregory-Crinum, which is owned by Japanese firm Sojitz, is due to reopen this quarter and rise to full capacity during July-September.

Bluff is the first stage in BCC's plans to mine 5mn t/yr of coal in Queensland by 2024, which includes its Burton and Lenton coking coal projects that it is in the process of acquiring from Australian coal mine New Hope. The firm in May began mobilising a contract mining crew at the 1.2mn t/yr Broadmeadow East where it aims to mine 600,000t of run-of-mine coal in 2022, with first coal delivered to the Carborough Downs processing plant in July.

Australian firm Fitzroy owns the Carborough Downs mine and plant, which it also uses to process coal from its 1mn t/yr Broadlea swing coking coal mine that it restarted in November because of higher prices. Fitzroy, which is backed by US investment firms AMCI and Riverstone, is also building the 2.7mn t/yr Ironbark No.1 project that will also use the Carborough Downs plant.

AMCI increased its exposure to Australian coking coal this year by acquiring the Baralaba PCI coal mine and 5mn t/yr Baralaba South project from US firm Liberty Mutual. It has not indicated what it plans to do with Baralaba South, after Liberty let the deadline lapse to apply for environmental approval for the project last year.

Growth potential

UK-South African mining firm Anglo American has some of the biggest potential to expand Australian metallurgical coal production through the expansion of its 5mn t/yr Grosvenor and 6.5mn t/yr Moranbah mines. Associated growth projects have been put on hold after a series of safety issues at the mines, but both mines are slowly raising output, potentially allowing the firm to look at growth again.

Premium hard coking coal peaked above $660/t fob Australia in mid-March, as the Russia-Ukraine conflict increased demand for non-Russian metallurgical coal before easing over the past three months, albeit still being significantly above long-term averages. Argus last assessed the premium hard low-volatile coking coal price at $379.20/t fob Australia on 17 June, down from the peak of $664/t on 15 March but up from $177/t a year earlier.

Argus last assessed the PCI price at $360.65/t fob Australia on 17 June, up from $136.65/t on a year earlier and from around $70/t when Bluff was closed in November 2020.

By Jo Clarke

Australian coking coal projects
FirmSize (mn t/yr)StatusStart date
Isaac Plains Complex (Isaac Downs)Stanmore Coal1.0transition from old mine completeJan-Mar '22
Aquila open cut and underground Anglo-American and Mitsui5.0undergound mine started in FebruaryFeb '22
Cook CollieryQcoal1.2restarted AprilApr '22
BluffBowen Coking Coal1.2first coal railed JuneJun '22
Gregory CrinumSojitz1.0restart delayed by roof fallby end-June '22
Broadmeadow EastBowen Coking Coal1.2mining contractor appointedJul '22
Tahmoor SouthSimec Group3.5Approved in October2022
Ironbark No.1Fitzroy Australia Resources2.7under construction2022
Olive DownsPembroke Resources15.0ground broken on project in April2023
Burton and LentonBowen Coking Coal2.0seeking finance for acquisiton from New Hope2023
Baralaba South Mount Ramsey5.0AMCI acquired project from Liberty Mutual this year2023
Wilton-FairhillFutura Resources/Sojitz3.0to be developed to compliment Gregory Crinum2023
Dendrobium ExtensionSouth325.2NSW government backed revised mine extension2026
Grosvenor phase 2Anglo American6.0Anglo waiting for Grosvenor ramp-up2026+
Moranbah SouthAnglo American and Exxaro Resources 18.0Anglo waiting for Grosvenor ramp-up2026+
Eagle DownsAquila Resources, South324.5South32 selling, Baosteel no commentUnknown

Australian metallurgical coal prices ($/t)

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17/12/25

Australia coal, Fe prices to fall; LNG up: Treasury

Australia coal, Fe prices to fall; LNG up: Treasury

Sydney, 17 December (Argus) — Australian iron ore, coking coal, and thermal coal prices are expected to decline by the end of December 2026, while LNG prices may rise from current levels, according to Treasury forecasts released on 17 December. Australian commodity prices are expected to return to long-run fundamental levels, Treasury said in its Mid-Year Fiscal and Economic Outlook for the 2025-26 financial year ending 30 June. Thermal Coal Australia's thermal coal prices have been supported by ex-China demand since Treasury released its July 2025-June 2026 budget on 25 March, Treasury said. But it does not expect this trend to continue. Treasury forecasts Australian thermal coal spot prices will fall to $70/t on a fob basis by the end of December 2026, down from current levels. Argus ' Australian NAR 6,000 kcal/kg fob Newcastle price was last assessed at $108.46/t on 16 December, up from $95.62/t on 25 March. Australian thermal coal exports to China fell 11pc on the year in January-October ( see table ), while shipments to Japan, South Korea, Vietnam, and Malaysia rose, data from the Australian Bureau of Statistics show. Steelmaking Inputs Chinese economic policy support has lifted iron ore and metallurgical coal prices since March, Treasury said. But it expects Australian iron ore and coking coal spot prices to fall to $60/t and $140/t fob, respectively, by the end of 2026. Argus ' metallurgical coal premium hard low-volatile fob Australia price was last assessed at $215.10/t on 16 December, while its iron ore fines 61pc Fe (ICX) fob Australia netback price was last assessed at $90.55/t. Treasury also expects mining investment to remain unchanged over the next two years, largely because of the iron ore and coking coal sectors. Iron ore producers may invest in projects to maintain production, but coking coal producers are expected to run down their capital stock, Treasury said. Producers are looking to sell or finance around six Queensland coking coal mines, a market participant told Argus on 2 December. Petroleum LNG prices have declined since March because of China's shift toward non-Australian gas, Treasury said. Australian LNG spot prices are expected to reach $10/mm Btu by the end of December 2026, according to Treasury forecasts. Argus ' Gladstone fob price — an LNG netback indicator — was last assessed at $9.01/mm Btu on 16 December, down from $12.90/mm Btu on 25 March. China plans to prioritise pipeline and domestic gas over LNG imports in the coming years, PetroChina International's global head of LNG Yaoyu Zhang said on 4 December. Treasury also expects global oil prices to hover around $66/bl over the next four years, down from its March estimate of $81/bl. Australia's government will raise less revenue from its petroleum resource rent tax than previously expected because of the downgrade, the agency added. The tax is forecast to generate A$1.5bn in 2025-26, down from the earlier estimate of A$1.95bn. By Avinash Govind Treasury Commodity Forecasts (Mid-Year Economic and Fiscal Outlook) $ Commodity Argus Price (most recent)* Forecasted Price* Change (%) Coking Coal 215.1/t 140/t -35.0 Thermal Coal 95.62/t 70/t -26.8 Iron Ore 90.55/t 60/t -33.7 LNG 9.01/mm Btu 10/mm Btu 11.0 * Argus' Australian NAR 6,000 kcal/kg fob Newcastle; metallurgical coal premium hard low-volatile fob Australia; Argus' Gladstone fob; Iron ore fines 61pc Fe (ICX) fob Australia netback * fob Australia basis, at end of December 2026 Argus, Commonwealth of Australia Australian thermal coal exports mn t Market Jan - Oct '25 Jan - Oct '24 YTD Change (%) China 53 60 -11 India 2.9 3.4 -16 Japan 59 59 0.5 South Korea 11 9.7 12 Vietnam 13 9.6 37 Malaysia 5.9 5.4 11 Australian Bureau of Statistics Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Canadian authorities approve Anglo, Teck mining merger

16/12/25
16/12/25

Canadian authorities approve Anglo, Teck mining merger

Sydney, 16 December (Argus) — Canadian regulators have approved the merger of UK-South African producer Anglo American and Canadian producer Teck Resources, allowing the pair to form a Canadian-based global iron ore, copper, zinc, and coking coal business. Anglo Teck — the merged firm — will spend C$4.5bn ($3.3bn) in Canada over the next five years and C$10bn over 15 years under binding Investment Canada Act commitments, Anglo American told investors on 16 December. The merged firm's short-term spending will support germanium, copper, and other critical mineral projects (see table) , as well as research and community projects. Anglo Teck will also hold its Canadian employment levels constant for an unspecified period and list itself on the Toronto Stock Exchange, Anglo American said. Anglo American and Teck Resources shareholders approved the $53bn merger on 11 December. But the deal still faces competition reviews in multiple countries, where the two firms operate. Anglo Teck will be a top five global copper producer, Teck Resources' chief executive Jonathan Price said on 9 September, when he announced the deal. Teck Resources plans to produce 415,000-465,000t of copper , 525,000-575,000t of zinc, 3,500–4,800t of molybdenum, and other metals in 2025, it said on 8 October. Anglo American also plans to produce 690,000–750,000t of copper and 57mn–61mn t of iron ore over the year. Anglo American intends to advance plans to divest from its diamond, coking coal, and nickel businesses before the deal closes, a move supported by Teck Resources. US producer Peabody Energy pulled out of a $3.8bn deal to buy Anglo American's Australian coking coal assets in August. Anglo Teck's merger approval also comes less than a month after Australian producer BHP submitted and withdrew an offer to buy Anglo American. By Avinash Govind Anglo Teck's spending commitments Commitment Value* (C$mn) Mineral Proceed with Highland Valley Copper Mine Life Extension 2100 - 2400 Copper Enhance critical minerals processing capacity at Teck's Trail Operations 850 Germanium and other critical minerals Develop Galore Creek and Schaft Creek copper projects 750 Copper Support Canadian critical mienral exploration and junior miners 300 Critical Minerals Maintain and enhance commitments to Indigenous governments, communities, conservation, and other initiatives 200 - Establish Global Institute for Critical Minerals Research and Innvoation 100 Critical Minerals Continue and maintain Teck's remediation and reclamation activities Copper Explore increasing copper production at Trail Operations and building a copper smelter in British Columbia Copper *Spending up to Anglo American Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU may crank up coal and steel research funds in 2027

11/12/25
11/12/25

EU may crank up coal and steel research funds in 2027

London, 11 December (Argus) — The European Commission could fund a much larger share of research in the coal and steel industry from 2027, according to a staff working document published yesterday. The EU Research Fund for Coal and Steel (RFCS) would fund 70pc of corporate research and 100pc of academic research into green initiatives if the EU moves forth with the proposal. It currently funds 50pc of both corporate and academic research projects, but has struggled to attract participants or meet its spending targets, noting that the "underspending of the project is rooted in a lack of attractiveness of certain aspects of the programme". RFCS spent 57pc of its €43mn ($50mn) budget for large coal projects and only 31pc of its €208mn budget for steel research from 2021 to 2024. Brussels, troubled by a lack of applications, consulted companies and academics this year and found that its spending requirements were the largest barrier. Most were unable or unwilling to fund 50pc of large research projects themselves. RFCS has supported a number of groups hoping to repurpose old coal mines for clean energy. GreenJOBS and Mine-TO-H2, two funding recipients, both plan on making green hydrogen from mine water, while GrEnMine received pilot funding worth €3.5mn to research new ways to store gravitational energy in abandoned mines. Others, such as REM and GI-mine, are working on new methods to capture methane from coal mines. In the steel sector, RFCS has awarded funds to hydrogen power projects such as ProSynteg and HYDREAMS and research groups such as BIOCODE, which hopes to replace up to 10pc of the coal in coke ovens with biomass. The EU dissolved the European Coal and Steel Community (ECSC) — an agency tasked with making a common European steel market, which eventually led to the creation of the EU — in 2002. The EU used revenues from ECSC assets to launch and fund the RFCS in the same year, and boosted the programme in 2021 by tapping into the assets themselves. By Austin Barnes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australia reduces Queensland coal exploration spending

02/12/25
02/12/25

Australia reduces Queensland coal exploration spending

Sydney, 2 December (Argus) — Australian developers spent A$55mn ($36mn) on coal exploration projects in Queensland — the country's main coking coal-producing region — over July-September, down 7.9pc on the year, marking the fifth consecutive quarterly decline, due to weak prices and high royalties. Mining firms have invested A$145mn in coal exploration projects since the start of 2025, down 22pc on the year, data from the Australian Bureau of Statistics show. Producers in the state have faced elevated royalty rates and coal price volatility this year, reducing incentives for new investment. Argus ' metallurgical coal premium hard low-volatile fob Australia price fell from $200.80/t on 2 January to $166/t on 20 March, before recovering to $189.25/t by the end of September. But the modest April-September price recovery has offered little relief. Australian miners QCoal and BHP both placed Queensland mines into care and maintenance in September, citing coal price weakness and high royalty rates. BHP — which operates mines through the BHP Mitsubishi Alliance joint venture — also told investors on 19 August that the state's royalty regime limits the financial benefit of price increases . The company halted new coal investments in Queensland soon after the government reformed its progressive royalty regime in 2022, which raised marginal royalty rates at most price levels . BHP may not been alone. Whitehaven Coal , which operates mines in Queensland and New South Wales, said in late August that the state's royalty regime encourages producers to invest outside Queensland. Three other producers (see table) have sought royalty relief or downsized operations since early 2025, citing royalty and cost pressures. More broadly, coal producers' spending on business purchases , community payments, and government payments fell by A$5.2bn in the 2024-25 financial year to 30 June. This likely reflects a minor investment decline, as royalty payments also dropped by about A$5bn over the year. Queensland's government has pledged to maintain the state's current royalty regime — introduced before it took office — until at least the next state election in 2028. "[Queensland's] Government is providing certainty for the coal industry in Queensland with faster decisions, streamlined approvals and a stable royalty regime, exactly as we committed before the election," state treasurer David Janetzki told Argus on 2 December. By Avinash Govind Queensland Coal Exploration A$mn Jul - Sep '25 Jul - Sep '24 y-o-y Change (%) Jan - Sep '25 Jan - Sep '24 y-o-y Change (%) Exploration 58 63 -7.9 145 187 -22 Australian Bureau of Statistics Responses to Queensland financial challenges Company Response BHP Placed Saraji South into care and maintanence, avoiding new developments QCoal Closed its Cook Colliery mine Whitehaven Coal Incentivised to direct investment towards New South Wales Coronado Sought royalty relief, negotiated $150mn thermal coal-based financing deal Bowen Coking Coal Sought royaty deferral, entered voluntary administration Bravus Agreed to invest A$50mn into Carmichael mine in exchange for a royalty deferral Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australia's QCoal to keep producing after mine closure

02/12/25
02/12/25

Australia's QCoal to keep producing after mine closure

Sydney, 2 December (Argus) — Australian coking coal producer QCoal will maintain its Northern Hub and Byerwen coking coal complexes in Queensland, after the 28 November closure of its 1mn t/yr Cook Colliery. QCoal's Cook Colliery closure has no impact on its other operations, a spokesperson told Argus on 2 December. The company can produce up to 10mn t/yr of hard coking coal at Byerwen, a joint venture with Japanese producer JFE Steel. It also produces about 6mn t/yr of thermal and hard coking coal at its Northern Hub complex. QCoal closed Cook Colliery's final production unit on 28 November because of high production costs, market pressures and high royalty rates, the company said at the time. It will move the underground mine into care and maintenance, the company added. QCoal closed the Cook Colliery's first production unit for similar reasons in September. The company is not the only Queensland coal producer facing production challenges. Australian producer BHP moved its Saraji South mine into care and maintenance in November because of royalty rates and coal prices. Other Queensland coal producers are also on capital strike but not saying so publicly, Gordon Galt, director at investment firm Taurus Funds Management, told Argus . Their spending on business purchases, community payments and government payments fell by A$5.3bn ($3.5bn) over the July 2024-June 2025 financial year. Queensland's royalty revenue fell by A$5bn over the same period, because of low coal prices. Producers are also looking to sell or secure financing for around six mines because of cost pressures, a market participant told Argus . By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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