After a dip in mid-October, prices for Australian thermal coal rose steadily in the next few weeks and reached an over six-month high on 3 November.
On 6 November, the commodity traded at USD 61.7 per metric ton, which was 6.2% higher than on the same day last month.
However, the price was down 8.9% on a year-to-date basis and was 7.3% lower than on the same day last year.
Prices continued to benefit from recovering demand in Asian countries as their economies continued to recover robustly, with demand from South Korea particularly buoying prices.
Moreover, improving demand prospects due to stronger buying pressures—particularly from India—further supported prices.
These gains seemingly offset any downside pressure stemming from Chinese import restrictions and strained relations between the Asian giant—the world’s largest coal importer—and Australia.
Source: Focus Economics
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