FX.co ★ Coal Hits Three-Year High

Coal futures rose above $150 per ton, their highest level since September 2023, after Australia’s High Court rejected an appeal by Mach Energy Australia over a planned expansion of its New South Wales coal mine. The court ruled that planning authorities had failed to properly account for emissions produced when customers burn the mine’s coal. Minerals Council of Australia chief executive Tania Constable warned that the decision could significantly deter investment and send a negative signal on sovereign risk to Australia’s trading and investment partners, potentially tightening future supply. At the same time, global coal demand is projected to hit a record this year as gas supplies are disrupted by the war involving Iran. In its Coal Mid-Year Update 2026, the IEA said higher LNG prices driven by the Strait of Hormuz blockade are prompting economies such as China, India, Japan, South Korea and parts of Europe to lean more heavily on coal-fired power generation.