Coal Prices Reach Highest Since 2008

The war in Ukraine is pushing most commodities higher, and coal is no exception. Bloomberg reported this week that the coal prices are reaching new record highs, with the Australia Newcastle benchmark hitting $446 per ton on Wednesday. The daily increase for the benchmark amounted to $140.55 per ton, which was pushed the price to the highest since 2008. In Asia, benchmark coal prices surged by 46 percent to a record. The region is the largest consumer of the dirtiest fossil fuel. Chinese buyers, in particular, have run into difficulties securing…