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.