Tale of two commodities: iron ore to wax as coal wanes THE year 2013 wasn't a great one for coal, as prices plunged in both thermal and metallurgical varieties. And while Australia's key bulk commodity iron ore is tipped to enjoy a healthy 2014, another tough year is predicted for coal. Macquarie's team of analysts said while there were indications the spot price for metallurgical coal, which is used in steelmaking, might firm in the near term, the strong impact of supply growth last year would see a considerable hangover this year, with sustained price recovery looking longer-dated.