The price of coal rose to the highest in six years

Цена на уголь поднялась до максимума за шесть лет

Coal prices rose because of the hot weather in China, which has spurred the demand for energy.

Thermal coal at the Australian port of Newcastle (the reference contract for the Asian market) rose to $112,05 per ton. This is the highest price since 2012, according to Bloomberg on Friday, 8 June.

Thus the price increase from the recent low recorded in mid-April, is 24%.

Prices for thermal coal are rising, because the unusually hot weather in China has spurred demand for energy. In the Chinese port of Qinhuangdao spot coal price increased by approximately 18% since April. On Monday, the cost rose to the highest level since March – 667 yuan (about $104) per tonne.

Despite the desire of the Chinese authorities to reduce the use of coal for environmental reasons, yet it remains the main source of thermal and electric energy in the country. Sudden changes in temperature in China this year has depleted the energy reserves of the generating companies. In may, the daily coal consumption six of the largest generation companies was the highest since Jan – 722 thousand tons against 606 thousand tons a year earlier, official data showed.

As a result, China increased its coal imports in January-may of 8.2%, to of 120.7 million tons. In April, the supply of coal to China from Australia reached a historic high.

The total volume of coal imports in China in may increased by 0.2% compared with the previous month, to 22.3 million tonnes.

Earlier it was reported that in Europe rose a record coal, exceeding the psychological mark in the bar is $ 90 per ton. While electricity prices rise following the increase in the cost of coal and CO2 quotas.

News from the Reporter.net Telegram. Subscribe to our channel https://t.me/korrespondentnet

Source