China’s Record Coal Prices Turn Dangerous With Mining Deaths
- Futures traded in Zhengzhou close at all-time high on Thursday
- Coal industry has suffered 3 mining accidents in recent days
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Soaring coal prices in China are making mining companies prioritize output ahead of safety, a government agency said amid a spate of deadly accidents.
A massive rescue operation is underway to try to save 21 miners trapped in a flooded underground shaft in Xinjiang, after 12 people died in accidents in Guizhou and Shanxi last week. Companies may have been too eager to produce coal as prices rise, leading to unsafe practices, the National Mine Safety Administration said in a Thursday statement.