Shares of Peabody Energy rallied to a three-year high on Tuesday, up 14%, thanks to European coal prices jumping to their best levels in a month. This comes as the European Union placed a ban on Russian imports, which is expected to start in mid-August.

Ramaco Resources saw shares climb 11.8%; Alpha Metallurgical Resources up 10.6%; CONSOL Energy up 9.8%; Arch Resources increase by 6.7%; Alliance Resource Parnters up 5%; and Warrior Met Coal rose 3.9%.

Steelmakers, which use metallurgical coal as an input, also moved higher: SunCoke Energy, +5%; Timken Steel Corp., +4.3%; Olympic Steel, +4%; Nucor Corp., +3.1%; United States Steel Corp., +2.9%; and Cleveland-Cliffs, +2%.

Eurocoal expects 50 million metric tons of supply will be secured from the U.S., Indonesia, Colombia and South Africa to replace Russian coal, S&P Global Platts reported.

Top exporters in Australia and Indonesia have already hit production limits and major producers in South Africa have been constrained by logistical problems. Some importers may struggle to maintain supply levels. The expected rush is likely to keep global coal prices elevated.