Business Standard

China coal futures hit record high


Heavy rains and flooding expanded mine shutdowns in China’s biggest coalproduc­ing region, sending prices to a record high and hindering efforts by Beijing to boost energy supplies for winter. Floods have closed 60 of the 682 coal mines in Shanxi province, a region that has produced 30 per cent of China’s supply of the fuel this year, adding to a worsening energy crisis that threatens the country’s economic growth. The mine outages are complicati­ng China’s efforts to boost coal output and ensure power supplies for the winter heating season. The powerful State Council on Friday said it will allow higher electricit­y prices in a bid to boost generation amid the rising costs.

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