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Report: Hot weather boosts Australia's Newcastle terminal thermal coal prices

Hot weather drove spot coal prices for delivery from Australia's Newcastle terminal to $114 per tonne, less than 1% shy of the record high June 4, as demand for the fuel in China, Japan and South Korea increased, Reuters reported June 7.

The fossil fuel last reached such levels in early 2012, and Newcastle is now up by almost 130% from the record lows seen in early 2016, the report said.

The increase in price was attributed primarily to an uptick of imports from China, Reuters reported, citing traders who said early summer heat waves bolstered the need for electricity.

The report cited Dutch bank ING as saying China is "set to take a step back from the seaborne market" in order to support domestic miners, which could adversely affect Newcastle coal prices, and commodities brokerage Marex Spectron said the passing of the heat wave might also cause a downturn in market prices.