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THURSDAY, JULY 24, 2025
Asia's coal prices hit new highs amid global race for fuel

Global Economy

TBS Report
27 June, 2022, 12:55 pm
Last modified: 27 June, 2022, 01:12 pm

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Asia's coal prices hit new highs amid global race for fuel

Surging coal prices threaten higher power bills and inflation as utilities are snatching up more coal from Japan to Germany

TBS Report
27 June, 2022, 12:55 pm
Last modified: 27 June, 2022, 01:12 pm
A worker sits on a truck being loaded with coal at a railway coal yard on the outskirts of the western Indian city of Ahmedabad, Nov 25, 2013. REUTERS/Amit Dave
A worker sits on a truck being loaded with coal at a railway coal yard on the outskirts of the western Indian city of Ahmedabad, Nov 25, 2013. REUTERS/Amit Dave

Asia's coal benchmark hit a new high on Friday amid a worsening fuel shortage across the world.

Spot physical coal at Australia's Newcastle port jumped 3.4% to a record $402.50 a ton on 24 June, according to a biweekly index compiled by IHS Markit seen by Bloomberg.

That's the first time the highly watched spot index rallied above $400 while threatening to boost power bills and add to inflation woes.

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Power generators across Asia and Europe are rushing to secure additional coal shipments as a replacement to dwindling natural gas supplies, while miners are struggling to increase output. Germany and Austria are reviving idled coal power plants in response to Russian gas supply curbs, while Japan and South Korea are stockpiling the fuel ahead of hotter summer weather.

Intense competition for a dwindling pool of available coal supply threatens higher power bills for households, as well as shortages for poorer emerging nations such as Pakistan. The surging demand spells a remarkable comeback for a commodity that many thought was on its way to being phased out.

Hotter-than-normal weather in northern China is pushing power demand to an all-time high, increasing the consumption of coal.

A coal shipment for July delivery to Europe was sold at $421 a ton on Friday, an all-time high for the region, according to traders. Asian shipments were also trading above $400 last week, traders added.

Top News / World+Biz

coal / Coal Energy / Coal industry / Coal fired power plants

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