Coal Prices Hit New Record In China As Energy Crunch Intensifies

The energy crisis amid a coal shortage in China has worsened because of colder weather in recent days, sending the key local coal futures contract to a new record high on Tuesday. The most actively traded contract on the Zhengzhou Commodity Exchange rose jumped by 6 percent today to exceed the equivalent of $302 per ton, Bloomberg reports. China’s coal prices and coal futures have rallied since last month amid a shortage of the fuel in the world’s second-largest economy, which has led to power cuts in most Chinese regions. As per data…