LNG Disruption Temporarily Brings Coal Back in Europe’s Energy Mix
Thermal coal returned to the energy agenda in 2026, not as a reversal of the energy transition, but as a hedge against volatile LNG and gas markets. South African RB1 Coal, a premium export-grade thermal coal benchmark, averaged around $98/t FOB Richards Bay in Q1 2026, increased to $109/t in Q2, and eased to $107/t in July–August as the geopolitical premium began to fade.For Europe, the importance of coal does not l ie in a broad recovery in consumption.
