European Coal Prices Soar As EU Proposes Ban On Russian Coal Imports

Coal prices in northwest Europe jumped on Wednesday to their highest level in one month, after the European Commission proposed on Tuesday a ban on imports of Russian coal over Russian war crimes in Ukraine. The benchmark European coal contract for delivery in 2023 jumped by 6.5 percent on Wednesday, to $230 per ton, while the front-month contract for May delivery surged by double digits, according to Bloomberg’s estimates. The May contract surged by 11 percent to $330 per ton. This week’s renewed rally in European coal prices comes…