Rush to Replace Russian Coal Propels Fuel to Unprecedented Gains
- Benchmark prices soared to fresh records in Asia and Europe
- Consumers are concerned over deliveries and banking curbs
Coal is unloaded at Yuzhny Port, near Odessa, Ukraine in 2017.
Photographer: Vincent Mundy/BloombergThis article is for subscribers only.
A global race to secure coal sparked by fears of a shortfall in supply from Russia, one of the biggest producers, has sent prices to levels never seen before.
The rush by utilities in Europe, which import more thermal coal from Russia than any other country, along with consumers in Japan, South Korea and China is pressuring a market already in tight balance after outages and other curbs this year at major production hubs.