China’s Coal Shortage Means Higher Prices for the World
- World’s second-biggest economy struggles to refill coal supply
- Asian, European coal prices are trading near an all-time high
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China, the world’s top coal consumer, is in dire need of more supply and is willing to pay any price -- a move that threatens to leave less fuel for energy-starved rivals.
With winter on the way for much of the world and natural gas prices at record levels, economies across the globe are competing for a finite supply of coal. At the center of the scramble is China, where stockpiles are low and demand is at an all-time high. The dirtiest fossil fuel, which was struggling against cleaner energy sources, is now seeing its biggest comeback ever, complicating international climate talks set to begin in just a few weeks.