Thermal coal prices averaged USD 108.63 per metric ton in December, down 1.6% from November. On 31 December, the commodity traded at USD 107.50 per metric ton, down 3.2% from 28 November.
The decline came as data was released showing that China’s output of thermal electricity—mostly coal-fired—fell 3.3% in November from October amid warmer-than-normal weather; in addition, the country has increasingly turned to gas-fired and renewable power to reduce pollution and greenhouse emissions, hitting coal demand. Still, prices remained above the multi-year lows reached earlier in 2025, bolstered by lower Chinese coal supply amid government inspections plus colder weather in the Northern Hemisphere.
This chart displays Thermal Coal (US$/mt) from 2024 to 2025.
Australian Thermal Coal (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Australian Thermal Coal | - | - | - | - | 127.17 | 136.11 | 140.29 | 139.10 | 107.82 | 100.51 | 109.36 | 107.72 |