Russia ban seen tightening coal market that’s already surging

A potential EU ban against imports of Russian coal may add pressure to supply chains, which has already made coal prices soar, says Australian coal producer.

Photo: Rob Griffith/AP/Ritzau Scanpix

A looming ban on Russian coal imports by the European Union will add to supply pressure that’s sent prices of the fossil fuel hurtling to a record, according to a key Australian producer.

Global supply constraints and strong demand pushed Asia’s benchmark Newcastle thermal coal to a quarterly record of USD 377 a ton in the three months through June, Whitehaven Coal Ltd. said Monday in a statement. The company expects to report a jump in earnings to AUD 3bn (USD 2bn) from AUD 204.5m when it next month reports financial-year results.

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