Global coal supply summary

The metallurgical coal market in 2025 stayed profitable for low‑cost producers despite intermittent demand weakness in some traditional markets, supported by steady to growing steel demand in Southeast Asia and disciplined supply. The thermal coal market, however, was characterised by softer prices, intensifying competition with gas and renewables, and rising decarbonisation pressures, meaning that only producers with structurally lower cash costs and efficient capital deployment could sustain healthy margins.