Aussie Coal Prices Surge Almost $100 As Countries Seek Alternatives To Russian Energy

The price of Australian thermal coal has skyrocketed by US$99, or 33 percent, in one day as countries traditionally reliant on Russian coal scramble to secure alternative sources.

Newcastle coal, the benchmark for thermal coal in the Asia-Pacific region, ended at US$400 (A$549) per tonne on March 2 after peaking at US$446 per tonne during the day.

Coal: the new gold pic.twitter.com/aKZ2d8BVCU

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Resources Minister Keith Pitt confirmed the government was “facilitating access” between interested parties and Australian thermal coal producers.

“Australia’s coal producers have indicated they are willing to help our friends and allies if they can,” Pitt told The Australian.

Poland currently in talks with Australia for coal supply, as the country is pushing for the European Union to stop importing coal from Russia.

“I talked about it today with the prime minister of Australia … to transport coal to Poland from there,” Polish Prime Minister Mateusz Morawiecki said on Wednesday.

Morawiecki said Poland just needed assurance from the European Commission that it would not get penalised for introducing an embargo on Russian coal. – READ MORE