Australia’s steam coal prices soared US $ 99, or 33 percent per day, as countries traditionally relying on Russia’s coal scramble to secure alternative sources.
Newcastle coalThe Asia Pacific Benchmark peaked at US $ 446 per ton during the day and then ended on March 2 at US $ 400 per ton (A $ 549).
Resources Minister Keith Pitt confirmed that the government is “promoting access” between stakeholders and Australian steaming coal producers.
“Australian coal producers are willing to support our friends and allies, if possible,” Pitt said. Said Australian person.
Poland is currently in talks with Australia on coal supply as the European Union wants to stop importing coal from Russia.
“Today we talked with the Prime Minister of Australia … to transport coal from there to Poland” Polish Prime Minister Mateush Morawicki Said on Wednesday.
Mr Morawicki said Poland needs a guarantee from the European Commission that it will not be punished for introducing Russia’s coal embargo.
“The blockade of various types of hydrocarbons (oil, gas, coal) from Russia needs to be part of the sanctions package,” he said. “I want the European Commission to decide once again to ban Russia’s coal.”
About 65% of Poland’s energy grid in 2021 relied on coal. In the first half of 2021, the country emphasized 6.2 million tonnes of coal, of which 4 million tonnes came from Russia and another 1.2 million tonnes from Australia.
Other parts of the European Union likewise rely on Russia for coal, the third largest exporter of resources, accounting for more than 40% of the region’s total coal imports in 2021.
Australian and Polish authorities are currently in trade negotiations, but other European countries may soon continue.
Current floods across Australia’s east coast have also created challenges for Brisbane Port as it is closed.
Coal futures soared $ 161 from $ 239 on February 24 to $ 400 on March 2 during the first seven days of Russia’s invasion of Ukraine.
After the Chinese Communist Party banned Australian coal as part of a trade war with Australia, it surged in late 2021 and caused rolling blackouts nationwide.
Europe also faced a major energy shortage as the country moved to renewable energies without a reliable energy grid.
At that time, it peaked at $ 269 before it plunged.
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Rebecca Zhu is based in Sydney. She focuses on Australia’s economy, property and education. Do you have a hint? Contact her at [email protected]