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Value-in-use metallurgical coal costs 2025

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Value-in-use (VIU) costs are on average 26% higher than unadjusted and increase the 90th percentile by 30% to US$202/t for seaborne export metallurgical coal in 2025. We estimate VIU costs across HCC, SCC and PCI. The VIU cost impact across SCC and PCI is more severe because of the lower quality difference, when compared with the Queensland premium low volatile hard-coking coal benchmark.

Table of contents

  • Executive summary
  • Metallurgical coal VIU costs by country and company
  • VIU costs split by HCC, SCC and PCI
    • Metallurgical coal price assumptions Q2 2025

Tables and charts

This report includes the following images and tables:

  • Metallurgical coal seaborne export total cash costs curve 2025 (VIU)
  • Met coal seaborne export total cash costs 2025
  • VIU met export production in the top decile (Mt)
  • Average metallurgical coal seaborne export total cash costs by country 2025
  • Average metallurgical coal seaborne export total cash costs by company 2025 (VIU) attributable basis
  • HCC seaborne export total cash costs curve 2025 (VIU)
  • SCC seaborne export total cash costs curve 2025 (VIU)
  • PCI seaborne export total cash costs curve 2025 (VIU)
  • Wood Mackenzie Benchmark HCC Price Assumptions (US$/t FOB Port)
  • Other Metallurgical Coal Price Assumptions (US$/t FOB Port)
  • Exchange Rate Assumptions (local currency unit per US$)

What's included

This report contains:

  • Document

    Value in use metallurgical coal costs 2025.xlsx

    XLSX 275.85 KB

  • Document

    Value-in-use metallurgical coal costs 2025

    PDF 1.15 MB