ICE Coal Futures Monthly Report

The ICE Coal Futures market is our most transparent window on the world of financial coal trading. This free monthly report analyses volume and price trends on a monthly basis to help you draw a picture of market development.




Coal Futures Monthly Report

Issue No. 143    Date: Dec 2020


December Market Highlights

  • Thermal coal market activity ended the year strongly with 116 Million tonnes (Mt) cleared in December- the second highest monthly volume during 2020.
  • 2020 saw a total of 1.127Bn tonnes of futures and options clear- slightly (2%) below 2019 volume.
  • Rotterdam remained the most actively traded coal contract with 93Mt cleared in December leaving 2020 volume of 864Mt 5% (47Mt) below 2019 volume.
  • Newcastle logged a 9% (18Mt) YoY growth in volume with 19Mt traded in December, contributing to the total of 215Mt that cleared during 2020 - the highest annual volume since 2017.
  • Richards Bay also saw a good degree of activity with 3.4Mt cleared in December leaving annual volume up 20% YoY from 40Mt in 2019 to 48Mt 2020.

ICE Coal Futures Price Trend (Cal 2021)



ICE Coal Futures Spreads (Cal 2021)


ICE Coal Futures Volatility*



* Historical 30-Day Annualised Volatility is calculated by taking the standard deviation of the last 30 days' natural logarithm of daily percentage change in the price of the Cal+1 contract, and annualising it by multiplying it by the square root of 252 (as the number of trading days in the year).


Relevant Exchange Rates



ICE Coal Futures Monthly Volume & % Screen Executed



ICE Coal Options Volume



Futures Volume by Expiry



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