The price of Australian coal has hit record numbers following supply disruptions in major coal-exporting countries.
Prices have jumped to more than US$115 a ton at Newcastle Port in Australia, a benchmark for Asia, writes Reuters.
China's decision to halt exports following snowstorms and severe power shortages has disrupted output while power shortages in South Africa over the past month have also forced mining companies to halt production and shut mines.
The problem has also been compounded by a backlog in Australian coal shipments due to heavy rains and floods in Queensland.
The supply disruptions in China and Australia have seen many Asian utilities scrambling for additional tonnage.
A resource analyst at the Australia & New Zealand Banking Group told Reuters that spot coal prices will continue to rise.
"It doesn't look like there are many bearish factors in sight to push prices down."
By staff writer
