Coal: Consolidated below $350 per tonne in late March, a level not seen in three weeks, as the latest coronavirus-induced restrictions in China, particularly in Tangshan, hurt transportation and led to increased inventories at mines while also dampened demand.
China’s coal output rose 10.3% from a year earlier in the first two months of 2022, after Beijing asked miners to ramp up production for the winter season and amid an export ban in Indonesia.
Coal prices have doubled since the beginning of 2022, with earlier bullish sentiment fueled by supply disruptions in top exporting countries such as Indonesia and Australia. The Russia-Ukraine war has recently supercharged existing upward momentum in the market.
