China’s Russian coal purchases stall as buyers struggle to secure financing

BEIJING/SINGAPORE (Reuters) – Chinese traders are scaling back imports of Russian coal as they struggle to secure financing from state banks worried about potential sanctions after Russia invaded Ukraine, in early signs of supply disruption from the world’s third-largest coal seller.

Coal prices from other exporters Indonesia, Australia and South Africa have jumped this week, with benchmark Newcastle coal hitting a record $274.50 a tonne on Monday, a 15% rise, in the wake of Russia’s launch of what it said was a “special military operation” in Ukraine on Thursday.