Global Coal Prices Surge Nearly 30% in a Week on Russia-Ukraine War

The Russia-Ukraine war pushed the global price of thermal coal up nearly 30% in the past week to a record high. As concerns about supply disruption mount, prices of oil and other commodities also skyrocketed to multi-year highs.

Russia is the world’s sixth-largest coal producer, exporting 223 million tons in 2021. Its thermal coal accounted for 17% of the global coal trade, and coking coal, for 9%. China is Russia’s largest coal buyer. Russia accounted for 17.6% of China’s coal imports of 324 million tons in 2021.