Australian thermal coal prices climbed to their highest level since 2012 as hot weather in North Asia spurs buying ahead of the peak summer demand season.
The latest coal prices for export from Australia's Newcastle terminal finally closed at $ 115.25 per tonne, the highest since February 2012.
Thermal coal, the world's most used fuel for power generation, has risen 130 percent since its record lows were below $ 50 per tonne in 2016 after years of declines.
Prices were driven by economic growth, especially in Asia, along with supply restrictions due to earlier mine closures and high obstacles to new mine development amid concerns about pollution and global warming.
In recent weeks, a heatwave in North Asia and restocking during the hottest summer months in July and August have spiked demand for both residential and industrial cooling.
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