Soaring coal prices are part and parcel of the global energy crisis spurred by Russia’s invasion of Ukraine – but not all of the carboniferous ‘black gold’ is fed into power turbines to make electricity.

A crucial ingredient of steelmaking, metallurgical coal (also known as coking coal) has followed the demand and pricing trajectory of thermal coal – and the trend shows no sign of abating.

The price of premium, low volatile Australian hard coking coal (HCC) hit a record US$670 a tonne (AU$960/t) in March, a more than sixfold increase on levels a year ago.

For every tonne of steel produced in a blast furnace, 780 kilograms of coking coal are required.