# September coal benchmarks rise at different speeds across export markets

> Australian and South African reference prices both increased; industrial energy exposure remains tied to fuel quality and contract terms.

- **Source date:** 2026-10-09
- **Original source:** [World Bank](https://thedocs.worldbank.org/en/doc/74e8be41ceb20fa0da750cda2f6b9e4e-0050012026/related/CMO-Pink-Sheet-October-2026.pdf)
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## Released benchmark data

The World Bank released its October Pink Sheet on 2 October 2026. August → September monthly averages, in US dollars: Australian coal 135.2 → 147.1 per metric tonne; South African coal 96.8 → 98.2 per metric tonne. These are monthly market benchmarks, not October averages or delivered equipment quotations.

[World Bank — Pink Sheet, 2 October 2026](https://thedocs.worldbank.org/en/doc/74e8be41ceb20fa0da750cda2f6b9e4e-0050012026/related/CMO-Pink-Sheet-October-2026.pdf)

## How costs reach the project

Editorial analysis: the larger Australian move cannot be treated as a universal coal-price increase. Fuel specifications, transport and sourcing terms differ. For industrial heat or coal-fired electricity exposure, the relevant cost is the usable energy delivered to the plant, including handling and conversion efficiency, rather than a headline price per tonne.

## Procurement implications

Map the actual fuel grade and index used in supply contracts before revising power or process-heat budgets. Keep thermal coal separate from metallurgical coal assumptions in steel analysis. Fixed electricity tariffs may delay pass-through, while indexed contracts may react sooner; these are analytical possibilities, not reported tariff changes.

Read the connected analysis: [Metals, mining and processing margins, August–October 2026](/articles/metals-mining-processing-margin-aug-oct-2026).

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