Asian benchmark thermal coal prices were pegged at $85 a tonne on Thursday amid increasing gloom at industry's primary gathering. The $100 a tonne average in February this year now appears to have been a blip in a prolonged downturn.

Newcastle FOB coal now averages prices last seen in November 2009 when the commodity was still recovering from post-financial crisis panic.

Spurred by exploding demand in China the price of coal used in power-generation hit all-time record highs, averaging more than $190 in July 2008. But no-one at the 19th annual Coaltrans conference in Bali this week dared think back to hose heady days.