Coal : Newcastle Coal futures, the benchmark for top consuming region Asia, edged down to below $310 per tonne from a 3-week high after data showed record domestic production.
Coal production in China surged 15% from a year earlier to 396 million tons in March and daily production hit a record after an unprecedented energy crisis in the fall led factories to shut.
Still, eight coastal provinces are expected to see a growing shortfall of coal for industry and cooling needs as the country’s imports of coal declined 24% on year in Q1 while transport disruptions hampered deliveries.
Coal hit a record high of $430 a tonne in March, as the Ukraine war prompted users to seek alternatives to Russian shipments and as an economic rebound from the pandemic sparked further demand for fossil fuels.
The European Union announced a ban on Russian coal imports from August onwards