Benchmark: 6,000 kcal NAR, FOB Newcastle (ICE). The same tonne prices differently by origin — freight, quality, sanctions and policy set the differential.
| Origin | Basis | Price | vs benchmark | Market note |
|---|---|---|---|---|
🇦🇺 Newcastle Australia · Pacific reference | FOB Newcastle | 149.50 | Benchmark | High-CV benchmark grade |
🇿🇦 Richards Bay South Africa · ~55 Mt/yr | FOB RBCT | 138.00 | -11.50 (-7.7%)widening | Atlantic/India swing tonnes; rail constraints cap exports |
🇮🇩 Kalimantan 4,200 kcal Indonesia · volume leader | FOB Kalimantan | 87.50 | -62.00 (-41.5%)widening | Low-CV grade — different market, cement & Indian utilities |
🇷🇺 Baltic Russia · redirected east | FOB Ust-Luga | 115.50 | -34.00 (-22.7%)widening | Sanctions discount into price-sensitive Asian buyers |
Differentials are indicative desk assessments over the live benchmark — 90-day spread trend shown per origin.
Track physical flows on the live vessel map →Indicative term structure · Backwardation
Converted from 149.50 USD/t · indicative FX
Thermal Coal is traded in the energy minerals segment, with price discovery referenced against ICE. The chart above shows the trailing 6-month indicative price path. Physical parcels of Thermal Coal can be sourced or placed through the Off Market desk, listed openly on the Marketplace, or intermediated by a specialist broker.
Well-supplied inventories and mild weather weighed on seaborne thermal coal, while coking coal held up on restocking by mills.