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As of 22 September 2016, metallurgical coal spot price reached US$209/short t.

Ben Fitzsimmons of Hume Coal has reported that this was extremely positive for the coal industry, which has experienced a number of challenging years.

He added it was “good news for not only coal producers, but also those families, businesses and economies, which rely so heavily on the coal industry.”

To the credit of the industry, companies continued to explore and prove up coal resources to ensure they were well positioned for the turn around in the coal market, while maintaining a strong commitment to innovation and well-considered environmentally sustainable development, said Fitzsimmons.

While it is not expected the current upward trend in coal price is to be sustained over a long period of time, this trend does show the self-regulating nature of the coal market is efficient, and reflective of the supply and demand nature of the business.

Fitzsimmons also highlighted that this rebound in coal prices would further damage the already dubious credibility of The Australia Institute, who have continually promoted the Green’s lie that coal is in ‘terminal decline’.

“The fact remains that coking coal is a key raw material for nearly all new steel production in the world,” he concluded.

Edited from press release by Harleigh Hobbs