Global energy prices rose sharply this week amid the Russia-Ukraine conflict, a trend that hit US thermal coal export prices March 3.

FOB Baltimore and FOB NOLA coal prices hit record highs, according to the Platts assessment by S&P Global Commodity Insights.

“These are times like I haven’t seen in my 40 years of business,” a US-based coal broker said of global coal prices. “We haven’t had this type of disruption before.”

FOB Baltimore 6,900 NAR was assessed at $181.40/mt, up $29.25 from the previous session and the highest since the assessment began April 5, 2019.

FOB NOLA 6,000 NAR was assessed at $168.50/mt, up $30.35 from the previous session, marking the highest price since the assessment launched April 6, 2018.

Prices Surge Across the Globe

As European demand surged, global coal markets likewise saw strong price increases March 3. The Australia FOB Newcastle 5,500 NAR 20% ash price rose $25.65 on the session to $205.25/mt. The Indonesia FOB Kalimantan 5,900 GAR S&P Global assessment jumped $41.50 on the session to $200/mt. The Northeast Asia thermal coal price assessment 5,750 NAR rose $28.23 on the session to $248.63/mt.

Meanwhile, in a possible sign of price correction, the CIF ARA 6,000 NAR price slid $39 to $ 286/mt March 3 after rising $40 the previous day to $325/mt.

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