Coal price will rise amid disrupted exports from Australia

After the damage caused to the world's largest coal exporter by Tropical Cyclone Debbie, the price of raw materials rose at the fastest pace in four years.

Coking coal, a vital ingredient in steel production along with iron ore, rose 0.6 percent to $ 176.80 a tonne on Tuesday, after jumping 15 percent a day earlier on Monday. This was the largest daily price gain since May 2013. Thermal coal was up 6.2 percent to $ 88.05 a tonne on Monday.

Australia is the world's largest shipper, and a cyclone last week caused floods and landslides in Queensland, which supplies more than 50 percent of the world's coking coal by sea. The Goonyella Rail Corridor, which carries more than half of the state's exports, is expected to take at least five weeks to recover.