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Base Year
Historical Period
Forecast Period
Coking Coal prices in India, the highest-cost reporting region given its import dependence, rose 4.6% in Q2 2026 to USD 295.00/MT from USD 282.00/MT in Q1, continuing a steady climb that has held across nearly every quarter tracked in this report. Globally, the average rose from USD 256.98/MT in Q1 to USD 267.88/MT in Q2, a 4.2% gain. For H2 2026, a global average of USD 260.00-290.00/MT is expected, with steady blast furnace steel demand and firm Australian benchmark pricing likely to keep this market on its established upward path.
Coking Coal, also called metallurgical coal, is indispensable in traditional steelmaking due to its high carbon content, low impurities, superior coking properties for metallurgical coke production, thermal stability above 2,000 degrees Celsius, and mechanical strength to support blast furnace burden materials. These properties ensure it remains irreplaceable in blast furnace-basic oxygen furnace operations, which account for approximately 70 percent of global crude steel production, with the iron and steel industry consuming over 90 percent of global coking coal output. Australian benchmark export pricing, Chinese and Indian steel production rates, mine supply disruptions, and shipping and freight conditions are what drive prices in this market.
The outlook for Coking Coal through H2 2026 stays firm, tracking steady blast furnace-basic oxygen furnace steel production across the major consuming regions. Australian benchmark pricing should continue setting the tone for the broader seaborne market, while Indian import demand, growing alongside the country's expanding steel capacity, looks set to keep that market's premium over other regions intact.
The main upside risk is a supply disruption at a major Australian mining operation or a further escalation of shipping-route tensions, which could push prices higher than currently forecast. The main downside risk is a slowdown in Chinese or Indian steel production, which would ease demand for this essential steelmaking input.
| Region | 2026 Price Range (USD/MT) | Outlook |
| Global Average | 260.00 - 290.00 | Steady blast furnace steel demand supports continued gains |
| India | 285.00 - 315.00 | Growing steel capacity sustains the highest import cost |
| China | 270.00 - 300.00 | Largest consuming market tracks Australian benchmark pricing |
| Australia | 245.00 - 270.00 | Benchmark export pricing sets the tone for the seaborne market |
| United States | 225.00 - 250.00 | Steady domestic and export demand supports firm pricing |
Indian Coking Coal prices averaged USD 295.00/MT in Q2 2026, the highest of any region tracked here, up 4.6% from USD 282.00/MT in Q1, as growing domestic steel capacity kept import demand firm.
Why did the price of Coking Coal change in Q2 2026 in India?
Expanding domestic steel production capacity kept Indian mills competing for import cargo, and with limited domestic high-quality coking coal reserves, this market remained the most exposed to global benchmark price movements.
Chinese prices averaged USD 280.00/MT in Q2 2026, up 4.5% from USD 268.00/MT in Q1, as the world's largest consuming market continued tracking Australian benchmark pricing closely.
Why did the price of Coking Coal change in Q2 2026 in China?
Steady blast furnace-basic oxygen furnace steel production kept Chinese demand firm, with import costs tracking the Australian benchmark closely given China's continued reliance on seaborne cargo alongside domestic supply.
Australian benchmark export prices averaged USD 255.00/MT in Q2 2026, up 4.1% from USD 245.00/MT in Q1, continuing to set the tone for the broader seaborne market.
Why did the price of Coking Coal change in Q2 2026 in Australia?
Firm global steel demand, combined with generally balanced supply conditions at major mining operations, kept Australian benchmark export offers on a steady upward path that the rest of the seaborne market continued to follow.
US prices averaged USD 236.00/MT in Q2 2026, the lowest of the four regions, up 3.5% from USD 228.00/MT in Q1, as steady domestic and export demand supported continued firming.
Why did the price of Coking Coal change in Q2 2026 in the United States?
Steady demand from both domestic blast furnace operations and export markets kept this market firm, even as US producers continued facing competitive pressure from Australian benchmark pricing in international markets.
Indian prices rose 5.2% in Q1 2026 to USD 282.00/MT from USD 268.00/MT in Q4 2025, tracking growing domestic steel sector demand.
Why did the price of Coking Coal change in Q1 2026 in India?
Growing domestic steel capacity kept import demand robust, and with India's own high-quality coking coal reserves remaining limited, the country continued relying heavily on seaborne cargo from Australia and other major exporters.
Chinese prices rose 5.1% in Q1 2026 to USD 268.00/MT from USD 255.00/MT in Q4 2025, as steady steel production supported firm import demand.
Why did the price of Coking Coal change in Q1 2026 in China?
Steady blast furnace-basic oxygen furnace operations, which account for the large majority of global crude steel production, kept Chinese demand firm, supporting continued price gains in step with the broader seaborne market.
Australian benchmark prices rose 4.3% in Q1 2026 to USD 245.00/MT from USD 235.00/MT in Q4 2025, continuing the steady climb that has defined this market for several quarters.
Why did the price of Coking Coal change in Q1 2026 in Australia?
Firm global steel demand and generally balanced mine supply conditions supported the steady upward path that has defined the Australian benchmark for several consecutive quarters.
US prices rose 4.6% in Q1 2026 to USD 228.00/MT from USD 218.00/MT in Q4 2025, as North American coking coal pricing showed relative stability while still facing intensifying competitive pressure from Australian benchmark levels.
Why did the price of Coking Coal change in Q1 2026 in the United States?
North American coking coal prices showed relative stability through the period, though US producers faced intensifying competitive pressure from Australian benchmark pricing in export markets, moderating the pace of any domestic price gains.
Global Coking Coal prices dipped modestly in Q2 2025 before climbing steadily and consistently through every subsequent quarter, tracking firm blast furnace-basic oxygen furnace steel production and Australian benchmark pricing trends across every region covered in this report.
| Quarter | Price (USD/MT) | QoQ Change | Direction |
| Q2 2026 | 267.88 | +4.2% | ↑ Rising |
| Q1 2026 | 256.98 | +4.8% | ↑ Rising |
| Q4 2025 | 245.20 | +4.4% | ↑ Rising |
| Q3 2025 | 234.90 | +6.8% | ↑ Rising |
| Q2 2025 | 219.90 | - | — Stable |
| Q3 2026 | In Progress | - | — In Progress |
Coking Coal firmed steadily and consistently across every market covered in this report through 2025, tracking firm blast furnace-basic oxygen furnace steel production and Australian benchmark pricing trends, with India posting the strongest annual gain given its growing import dependence.
Indian prices firmed from about USD 250.00/MT in Q1 2025 to USD 268.00/MT by Q4, a gain of roughly 7.2%, the strongest annual increase of the four regions, tracking growing domestic steel capacity.
Chinese prices firmed from about USD 240.00/MT in Q1 2025 to USD 255.00/MT by Q4, up roughly 6.2%, tracking steady blast furnace steel production through the year.
Australian benchmark prices firmed from about USD 220.00/MT in Q1 2025 to USD 235.00/MT by Q4, a gain of roughly 6.8%, continuing to set the tone for the broader seaborne market.
US prices firmed from about USD 205.00/MT in Q1 2025 to USD 218.00/MT by Q4, up roughly 6.3%, tracking steady domestic and export demand through the year.
Expert Market Research: Your Source for Real-Time Coking Coal Price Intelligence
Expert Market Research tracks Coking Coal prices continuously across every major producing and consuming region, combining Australian benchmark export pricing data, Chinese and Indian steel production trends, and mine supply and shipping condition signals into a single, regularly updated view of the market. Our team can help your procurement function benchmark current offers, plan purchases around the steady trends covered in this report, and build a defensible view of where this essential steelmaking input is headed next. Reach out to our team for a tailored briefing or a deeper look at any of the regional markets covered here.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
It is indispensable in traditional steelmaking, converted into metallurgical coke used in blast furnace-basic oxygen furnace operations, which account for approximately 70 percent of global crude steel production.
The Q2 2026 global average was USD 267.88/MT, ranging from USD 236.00/MT in the United States to USD 295.00/MT in India.
The global average rose from USD 245.20/MT in Q4 2025 to USD 256.98/MT in Q1 2026 and then to USD 267.88/MT in Q2, tracking firm steel production and Australian benchmark pricing trends.
India relies heavily on imported coking coal given its limited domestic high-quality reserves, and its growing steel production capacity has kept import demand and landed costs elevated relative to other markets.
The global average is expected in the USD 260.00-290.00/MT range, supported by steady blast furnace steel demand.
The United States holds the lowest cost among the regions tracked here, while India carries the highest cost given its import dependence and growing steel capacity.
This report is updated monthly. For real-time pricing intelligence, connect with the Expert Market Research team.
Australian benchmark export pricing, Chinese and Indian steel production rates, mine supply disruptions, and shipping and freight conditions.
Australia is the largest seaborne exporter and sets the benchmark for global pricing, with China, the United States, and Russia also maintaining substantial production capacity.
Buyers can monitor Australian benchmark pricing and Chinese and Indian steel production trends given their outsized influence on this market, time forward purchases around the quarterly breakdowns in this report, and benchmark supplier quotes against the tracked price ranges.
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