China coal prices hit 3 year high, 11 weeks running
Business
Coal prices in China just hit their highest point in three years, climbing for the 11th week straight.
Spot thermal coal at Qinhuangdao port is now 986 yuan ($147) per ton, a jump of 24% since mid-July.
This spike could squeeze power plant profits and might mean pricier electricity for some factories.
Shanxi mining accident, Indonesia imports decline
The main reasons: a deadly mining accident in Shanxi led to major safety checks and production cuts, dropping output by almost one-third from June to August.
At the same time, imports from Indonesia (China's top supplier) fell by 25% this year because of stricter mining limits and low river water levels slowing transport.
Coal supplies about 50% in China
Even with recent drops in production, coal remains huge for China, providing about 50% of the country's power generation.