Asia’s coal prices hit new highs as global utilities scramble for fuel

BEIJING/CHENNAI (Reuters) – Thermal coal prices across Asia hit new highs this week as China and India restock critically low inventories to meet robust power consumption, industry sources said.

The most-traded thermal coal futures contract on the Zhengzhou Commodity Exchange jumped more than 4% on Tuesday to a record high of 979 yuan ($151.63) a tonne.

In India, prices of better burning U.S. thermal coal (6900 NAR) in North Indian retail markets have risen by a third in the last 15 days and are up by more than 100% from a year ago to 14,600 Indian rupees a tonne.

Coal supply is struggling to catch up with demand in top consumer China as mine safety checks slow output.