"Prices this week will rise with the major supply disruptions around the globe still to be fully factored in," ANZ said on Friday.
"China is bracing for further cold weather after announcing a two-month halt in coal exports last week - while Eskom, South Africa's state utility, is expected to announce the export cuts required to meet domestic demand in the coming week.
"Indonesia, the usual swing producer when prices rally, is unlikely to come to the rescue short term, with monsoonal rains and rail congestion slowing exports - Indonesia's largest coal exporter, Bumi Resources, believing prices could reach $150/t FOB due to the global supply squeeze."
This is all combined with Australia's coal supply chain issues - which have no short-term solution to react to the higher demand.
According to UBS analysts thermal coal will average $US100 a tonne this year, up from previous estimates of $90, Bloomberg reported.