FX & Commodity Almanac

ECB fixings to 16 Oct 2026 · World Bank prices to September 2026

Energy · World Bank monthly average

What is the Australian thermal coal price and how has it changed?

Australian thermal coal averaged 147.1 US dollars per metric ton in September 2026, according to the World Bank Pink Sheet. That is 8.8% above Aug 2026 and 38.4% above Sept 2025, and in the top tenth of all monthly averages since January 2000.

Sept 2026 average
147.1$/mt · US dollars per metric ton
Month on month
▲ +8.8%from 135.2 in Aug 2026
Year on year
▲ +38.4%from 106.3 in Sept 2025
12-month range
107.5–147.1low Oct 2025 · high Sept 2026

The last five years

Australian thermal coal, monthly average price, last five yearsAustralian thermal coal from 185.7 $/mt in Sept 2021 to 147.1 in Sept 2026; five-year high 430.8 (Sept 2022), low 98.6 (Apr 2025). 50100150200250300350400450 20222023202420252026
Monthly averages, Sept 2021 – Sept 2026, $/mt. Yellow dot: latest month.

What the record shows

  1. Over five years the price ranged from 98.6 (Apr 2025) to 430.8 (Sept 2022). Sept 2026 sits 15% of the way from that low to the high.
  2. Since January 2000 the record high is 430.8 (Sept 2022) and the low 22.3 (Aug 2002). The latest month is higher than 91% of the 321 monthly averages in that span, in nominal dollars (not adjusted for inflation).
  3. The highest full-year average since 2000 was 2022 (344.9); the lowest was 2002 (25.3).
  4. Annualised volatility of monthly changes over the past five years was 42.0%, higher than the 29.5% for the whole record since 2000. Monthly averages smooth out intra-month swings, so daily markets move more than this.
  5. Five years earlier, in Sept 2021, the average was 185.7: the price is 20.8% below that level.

Yearly averages

Australian thermal coal yearly average, change, high month and low month
YearAveragevs prior yearHighest monthLowest month
2026 9 mo. 131.9 ▲ +21.7% 147.1 Sep 109.8 Jan
2025 108.4 ▼ −20.4% 118.6 Jan 98.6 Apr
2024 136.2 ▼ −21.2% 146.6 Oct 124.2 Feb
2023 172.8 ▼ −49.9% 318.0 Jan 126.8 Nov
2022 344.9 ▲ +149.8% 430.8 Sep 197.0 Jan
2021 138.0 ▲ +127.1% 224.5 Oct 86.7 Feb
2020 60.8 ▼ −22.0% 83.0 Dec 50.1 Aug
2019 77.9 ▼ −27.2% 98.6 Jan 65.6 Aug
2018 107.0 ▲ +20.9% 119.6 Jul 93.7 Apr
2017 88.5 ▲ +33.9% 100.8 Dec 74.4 May
2016 66.1 ▲ +12.2% 103.4 Nov 49.0 Jan
2015 58.9 ▼ −15.9% 69.1 Feb 52.2 Dec
2014 70.1 ▼ −17.1% 81.6 Jan 62.4 Dec
2013 84.6 ▼ −12.2% 94.9 Feb 77.0 Aug
2012 96.4 ▼ −20.7% 117.0 Feb 81.9 Oct
2011 121.5 ▲ +22.7% 132.5 Jan 111.6 Dec
2010 99.0 ▲ +37.8% 118.3 Dec 89.8 Aug
2009 71.9 ▼ −43.5% 83.1 Dec 61.0 Mar
2008 127.1 ▲ +93.4% 180.0 Jul 78.7 Dec
2007 65.7 ▲ +33.9% 91.0 Dec 51.3 Jan
2006 49.1 ▲ +3.1% 52.9 Apr 43.2 Jan

Average = simple mean of the monthly averages published for that year. Rows in italics are incomplete years. Table shows 2006 onward; the charts and statistics use the full record from Jan 2000.

Since January 2000

Australian thermal coal, monthly average price since January 2000Australian thermal coal monthly averages from Jan 2000 to Sept 2026; highest 430.8 $/mt in Sept 2022, lowest 22.3 in Aug 2002. 0100200300400500 200020032006200920122015201820212024
Monthly averages, nominal US dollars ($/mt).

Largest one-month moves since 2000

MonthFromToMove
Feb 200891.8132.0▲ +43.8%
Mar 2022219.8314.0▲ +42.9%
Feb 2023318.0207.5▼ −34.7%
Nov 2021224.5157.5▼ −29.8%
Oct 201672.794.2▲ +29.6%

What exactly is being priced?

Coal (Australia), port thermal, f.o.b. Newcastle, 6,000 kcal/kg; a futures price from February 2022 and a spot price before that. The World Bank publishes the series as a monthly average in US dollars per metric ton ($/mt). Benchmark definitions occasionally change, as noted above, so very long comparisons mix slightly different contracts. See commodity price units explained for converting units.

Sources