Australian Coal Prices Jump Almost $100 in One Day as Countries Find Alternatives to Russian Coal

A bucket-wheel dumping soil and sand removed from another area of the mine in Newcastle, Australia, the world's largest coal exporting port, on Nov. 5, 2021. Saeed Khan/AFP via Getty Images

The price of Australian thermal coal has skyrocketed by US$99, or 33 percent, in one day as countries traditionally reliant on Russian coal scramble to secure alternative sources.

Newcastle coal, the benchmark for thermal coal in the Asia-Pacific region, ended at US$400 (A$549) per tonne on March 2 after peaking at US$446 per tonne during the day.