January 29, 2026 - Australian coal miner Coronado Global Resources foresees March-quarter coking coal prices being supported by India’s surging demand amid aggressive capacity expansion.

Market tightness remains a risk. Australian weather risks, a recovery in Mongolian output, and ongoing production rationalisation are expected to be the primary price drivers for the remainder of the quarter, the miner says.

"We anticipate that prices have continued to strengthen, with fob prices reaching $230/tonne in mid?January, with further upside possible if supply remains tight," the firm adds in a note seen by Kallanish.

Coronado also maintains a bullish medium-term outlook for coking coal prices, anticipating a recovery in global steel production as markets outside China regain momentum.

This growth is expected to be fuelled by rising Indian output and a wave of new trade barriers designed to curb Chinese steel exports. As supply rationalisation continues, the firm predicts these shifting market dynamics will provide a steady floor for coking coal prices.

Meanwhile, the miner’s 2025 saleable coal production was in line with expectations. Production rose 4% year-on-year to 16 million tonnes, boosted by its recent investment. Metallurgical coal accounted for 75.7% of total sales.

"With the major investment phase now largely behind us and market conditions improving, Coronado enters 2026 positioned to leverage price momentum and translate operational gains into stronger cash generation," says managing director and chief executive Douglas Thompson.

He expects the positive momentum in 2025 to carry into 2026, with both projects – Mammoth and Buchanan – now hitting their planned run rates. Combined, they are forecast to deliver approximately 3mt of saleable production in fiscal 2026. This increased volume, paired with last year’s cost-reduction milestones, is expected to significantly enhance the company’s earnings and cash flow.