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Russia Ban Seen Tightening Coal Market That’s Already Surging

  • Thermal coal prices to be supported into 2023, Whitehaven says
  • Australian cargoes winning interest from buyers in Europe

A looming ban on Russian coal imports by the European Union will add to supply pressure that’s sent prices of the fossil fuel hurtling to a record, according to a key Australian producer.

Global supply constraints and strong demand pushed Asia’s benchmark Newcastle thermal coal to a quarterly record of $377 a ton in the three months through June, Whitehaven Coal Ltd. said Monday in a statement. The company expects to report a jump in earnings to A$3 billion ($2 billion) from A$204.5 million when it next month reports financial-year results.