As the Russia-Ukraine war rages into its second European winter, demand for Australian thermal coal prices is once again on the rise following 12 months of unprecedented levels of volatility for the commodity.

Newcastle coal prices have risen above $US160 per tonne after bottoming out at a 52-week low of $US131 per tonne in July. The low marked a distinct collapse in the price of the Newcastle thermal coal futures, which shot up to a record high above $US400 per tonne in September last year.