Australian miner Whitehaven Coal said China’s relaxation of an unofficial ban on imports of the country’s coal was helping to drive prices of the commodity to six-month highs.
Australian coal miners are expecting to benefit from a thaw in relations between the two countries, which has coincided with Chinese leader Xi Jinping’s push to end the country’s pandemic-era isolation.
Whitehaven said Beijing’s recent announcements “regarding the lifting of Covid-related restrictions and lockdowns in China and Chinese restrictions on Australian coal imports has spurred a rally in metallurgical coal prices”, adding that prices had jumped above $300 per tonne for the first time since June.
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