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.