SINGAPORE: Australian thermal coal spot prices have hit $100 per tonne for the first time since 2012, with a cargo ordered at that price for delivery from Newcastle port in November, according to trading platform GLOBALcoal on Tuesday.
The deal means that Pacific benchmark prices have now soared by almost 100 percent since June to levels last seen in April 2012, making coal the hottest commodity of the year. The price rally ended half a decade of steady declines, and has lifted mining share prices like Whitehaven Coal, Glencore or Anglo American away from lows.
The price spike has been spurred by domestic mining cuts in China, which has required electricity generators and also steel makers to make up for the shortfall via imports, taking much of the market by surprise.
"Coal miners are just as surprised as anyone in how well coal has performed. Limited supplies of high-quality thermal coal should keep the market in good shape through the end of the year. After that, it will be determined by the supply response," said James Wilson, analyst at Argonaut Securities. The price rally is not limited to Australia.
Several solar panels can be seen in this picture. — AFP/FileLAHORE: Pakistan, with a potential of 40 GW of solar...
The screenshot shows the High Commission of Pakistan in Rwanda hosting a webinar on "Exploring the African Market -...
An undated image of gold jewellery displayed at a store. — AFP/FileKARACHI: Gold prices in the local market dropped...
Clare Lombardelli, the OECD’s chief economist. — BloombergLONDON: High flows of immigration into rich countries...
Representational image of growth in economy. — APP FileLAHORE: The normal ingredients of economic growth include...
The logo of Russia's energy giant Gazprom is pictured at one of its petrol stations in Moscow on May 11, 2022. —...