From a record high of $US194.79/t in July, the current price is some 56% lower and data calculated by Bloomberg marks the latest fall as the biggest weekly slump for at least eight years.

The price fall proves links between the thermal coal market and oil prices as previously reported by ANZ Commodities senior commodity strategist Mark Pervan last week.

As the Newcastle thermal coal price is the benchmark for Asia, the Asia-Pacific benchmark of Singapore Tapis crude hit a low yesterday of $US47.70 a barrel, which is the lowest price since at least March 2005.

The price for the globalCOAL NEWC index is available online from: http://www.globalcoal.com/