Tight supply at China’s northern ports has lifted thermal coal futures on the Zhengzhou Commodity Exchange to RMB 919/t ($133/t) today, up by 19% w-o-w. Several trucks were in a long queue for 2-3 days amid delays in coal loadings. Limited supply from Russia surrounding the SWIFT sanctions also supported the rise as Chinese traders were heard renegotiating deals with the country in Chinese currency for the first time.
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