Amid energy crisis concerns, international coal prices have surged sharply in the past two days. According to Refinitiv data, on March 12, 2026, coal prices closed at $138.75 per ton, up 2.85% in a single day, with a cumulative two-day increase of 5.8%. The surge was primarily driven by soaring oil prices. U.S. West Texas Intermediate (WTI) crude rose 9.72% to close at $95.73 per barrel, while Brent crude rose 9.22% to close at $100.46 per barrel, marking the first time above the $100 mark since August 2022. The ongoing tension in the Middle East has effectively blocked the Strait of Hormuz, triggering a global energy supply panic, prompting multiple countries to increase coal usage as a substitute for oil and gas.
To address energy shortages, both China and India have increased coal consumption and production. India currently holds coal stocks of approximately 210 million tons, the highest level in recent years, including 127 million tons at state-owned mines, 15 million tons at commercial mines, 54 million tons at power plants, and 14 million tons in transit. The Indian central government has instructed the Ministry of Coal to closely coordinate with states to prioritize supply to key sectors such as livelihoods, electricity, university cafeterias, hotels, and restaurants, while simplifying coal allocation rules to ensure normal economic activities.
South Korea is accelerating the restart of its idled nuclear power plants, with six units expected to resume operation by mid-May, while also considering reactivating decommissioned coal-fired power plants and accelerating renewable energy development. The European Union has proposed accelerating clean energy construction without ruling out price caps on natural gas. However, the International Energy Agency (IEA) noted that high fossil fuel prices are driving up material and financing costs, coupled with insufficient grid investment, which may slow down renewable energy expansion in the short term. On the supply side, Mongolia's coal exports dropped sharply in February 2026, totaling less than 7 million tons, down 37.37% month-on-month, a new low in eight months. This was mainly due to disruptions in exports to China, caused by poor border logistics, limited transport capacity, and weakening demand from Chinese steel mills.
Amid energy crisis concerns, international coal prices have surged sharply in the past two days. According to Refinitiv data, on March 12, 2026, coal prices closed at $138.75 per ton, up 2.85% in a single day, with a cumulative two-day increase of 5.8%. The surge was primarily driven by soaring oil prices. U.S. West Texas Intermediate (WTI) crude rose 9.72% to close at $95.73 per barrel, while Brent crude rose 9.22% to close at $100.46 per barrel, marking the first time above the $100 mark since August 2022. The ongoing tension in the Middle East has effectively blocked the Strait of Hormuz, triggering a global energy supply panic, prompting multiple countries to increase coal usage as a substitute for oil and gas.
To address energy shortages, both China and India have increased coal consumption and production. India currently holds coal stocks of approximately 210 million tons, the highest level in recent years, including 127 million tons at state-owned mines, 15 million tons at commercial mines, 54 million tons at power plants, and 14 million tons in transit. The Indian central government has instructed the Ministry of Coal to closely coordinate with states to prioritize supply to key sectors such as livelihoods, electricity, university cafeterias, hotels, and restaurants, while simplifying coal allocation rules to ensure normal economic activities.
South Korea is accelerating the restart of its idled nuclear power plants, with six units expected to resume operation by mid-May, while also considering reactivating decommissioned coal-fired power plants and accelerating renewable energy development. The European Union has proposed accelerating clean energy construction without ruling out price caps on natural gas. However, the International Energy Agency (IEA) noted that high fossil fuel prices are driving up material and financing costs, coupled with insufficient grid investment, which may slow down renewable energy expansion in the short term. On the supply side, Mongolia's coal exports dropped sharply in February 2026, totaling less than 7 million tons, down 37.37% month-on-month, a new low in eight months. This was mainly due to disruptions in exports to China, caused by poor border logistics, limited transport capacity, and weakening demand from Chinese steel mills.