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Report: China's energy needs propel coal price in Europe to nearly $100/ton

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Report: China's energy needs propel coal price in Europe to nearly $100/ton

China's demand for electricity has helped to boost the price of coal, now on track to surpass $100 per ton in Europe, the highest since 2013, Bloomberg News reported Sept. 3.

China is the world's biggest coal user and demand from the region coupled with supply troubles across the Atlantic have pushed the price of the fossil fuel up since March, the report said.

The cost of the commodity delivery in Europe in 2019 has risen as much as 10% this year, Bloomberg News reported, citing StormGeo AS senior analyst Hans Gunnar Navik. Prices reached as much as $93.75 per ton on Aug. 30, and the quarterly contract went as high as $99.55 a ton the day before, the report said.

"Coal prices could rise on continued trends and support prices for longer," the report quoted Navik as saying. "The most decisive driver though, we find, is China's economic growth and policy on domestic coal production."

The strength of coal in Europe comes as several governments across the region have been working to move away from coal toward cleaner, renewable energy sources.