Coal futures, the benchmark for top consuming region Asia, rebounded from their lowest level in a month to around $300 a tonne, buoyed by European Union plans for an embargo on Russian coal following mounting evidence of war crimes committed by its forces on the outskirts of Kyiv.
The EU depends on Russia for around 45% of its coal imports. Coal hit a record high of $430 a tonne in March, as the Ukraine war prompted users to seek alternatives to Russian coal, and an economic rebound from the pandemic sparked demand for fossil fuels.
In the US, prices for coal from Central Appalachia surged to above $106 a tonne last week, the highest since late 2008, while prices in the Illinois Basin topped $100 for the first time since 2005.
