Coal Prices in Asia Move Higher

Coal prices at the Australian port of Newcastle, an Asian benchmark, may increase to $90 per metric ton if La Niña rainfall hinders Australian and Indonesian output. China’s steep production cuts are simultaneously raising demand for seaborne coal. Prices have already climbed 19% so far this year to about $60 per metric ton, according to globalCOAL. Citigroup analysts are now reportedly bullish on short-term thermal coal prices.