The price of thermal coal, used to fire power plants, has surged above the psychological $100 a tonne barrier for the first time in more than a year as the wave of cold weather exacerbates China's swing from exporter to importer.
“Desperation buying by Chinese utilities has caused the spot price to leap,” says Alan Heap, commodities analyst with Citigroup in Sydney.
The Chinese thermal coal market has tightened after heavy snow in northern China disrupted mining operations and railway transportation.
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