Coking coal is close to $ 300 per ton

One of the biggest disruptions to Australia's coking coal exports in the past six years has caused record price increases.

Coking coal prices closed the week 86% higher, rising only on Friday by 34% to $ 283.10 a tonne after damage from a cyclone that hit Australia's northeast coast in late March jeopardized supplies coal.

Major manufacturers including BHP Billiton and Peabody Energy announced force majeure after rail lines were closed due to heavy rains and landslides, prompting top buyers like China and Japan to seek supplies elsewhere.

Hardest hit by Cyclone Debbie, Queensland provides more than 50% of the world's marine coking coal supply and is the main coal supplier to China's steel industry.

Standard & Poor analysts believe that disruptions in the region may mean a decrease in supplies by 15-20 million tons of steelmaking coal. Queensland was last hit by a cyclone six years ago, when coking coal prices hit a record $ 330 per tonne.