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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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China’s Coal Prices Soar To All-Time High As Floods Shut Down Sixty Mines

  • Coal futures in China closed at a new record high on Monday
  • Sixty coal mines in the country’s top coal-producing region were forced to shut amid heavy rain, flooding, and landslides
  • China is scrambling for energy supply ahead of the winter, with a global shortage of natural gas and coal that has led to record-high prices of the fuels in Asia

Coal futures in China closed at a new record high on Monday after sixty coal mines in the country’s top coal-producing region were forced to shut amid heavy rain, flooding, and landslides, worsening the energy supply crisis.

Coal futures on the local Zhengzhou Commodity Exchange jumped by nearly 12 percent to close at the equivalent of $219 per ton on Monday, setting a new record, data from Bloomberg showed.

Heavy rain in recent days has led to nearly 2 million people being displaced in the northern Chinese province of Shanxi, which is the largest coal-producing area in the country. Around 60 coal mines out of a total of 682 mines in the province have closed due to the flooding.

The weather-related setbacks for Chinese coal production come at a time when the world’s second-largest economy is grappling with a shortage of coal supply and a power crisis, which threaten to slow economic growth.

Just last week, Chinese authorities ordered 72 coal mines in Inner Mongolia to boost production by almost 100 million tons amid an energy crunch that has seen factories shut down and prompted fears of a disruption to the global economy. China is now allowing coal mines to produce the dirtiest fossil fuel even if they have already hit their production quotas.

China is also said to have resorted to Australian coal once again to plug the supply hole gaping in its energy security. Last year, China imposed an unofficial ban on Australian coal imports amid a political spat between the two governments.

China is scrambling for energy supply ahead of the winter, with a global shortage of natural gas and coal that has led to record-high prices of the fuels in Asia. China has also reportedly ordered its state energy companies to secure supply “at all costs” despite the rallying prices of liquefied natural gas (LNG) and coal.

By Tsvetana Paraskova for Oilprice.com

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Leave a comment
  • George Doolittle on October 11 2021 said:
    China is in the midst of a terrifying economic calamity absolutely...and a political one going on for some time now.

    I think one must seriously question their identity as a member of the Big 5 "United Nations Security Council" given the trouble they cause at the moment...not that Putin's Russia is any different.

    That would leave France, Great Britain, the United States, Japan, Brazil, Canada as actual "member Nations" who abide by the Code set forth or at least not flaunt the exact opposite of that.

    Of course the Netherlands as well..
  • what on earth on October 12 2021 said:
    @George Doolittle. Wait. So you're not satisfied with having only 2 irrelevant Western countries in the UNSC so you're solution is to add an even more irrelevant one - Canada? Lol. I'm sure the world fears their moose army. Get real, buddy. A reformed UNSC will be made up countries from Asia, Africa and South America. The only European even worth considering is Germany.
  • HJ Knight on October 12 2021 said:
    Make them pay Australia, make them pay big and make up the lost profits from the ban and then a 1000% premium as well. And make them pay in gold. Stick it to the dirty buggers.

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