Why Australia will be THE biggest winner from the global energy crunch - with China's ban on coal backfiring as prices surge to record highs
China dealing with blackouts, factory output cuts after it refused to unload coal
Communist power is now desperate to get its hands on thermal and coking coal
India is also suffering blackouts as Europe also suffers from an energy shortage
Coal prices have surged to record highs, spurring demand for energy resources after the price of iron ore, Australia's biggest export, halved in just two months.
An approaching northern hemisphere winter has also created an energy shortage in Europe, sparking more global competition for Australian natural gas and thermal coal, used to generate electricity.
China's attempts last year to punish Australia over its calls for a Covid inquiry appear to be backfiring with the coal futures at record highs of $US269 per metric tonne.
Natural gas prices are now at 13-year highs, with energy production globally faltering during the pandemic.
https://www.dailymail.co.uk/news/article-10078913/Why-Australia-one-biggest-winner-global-energy-crunch-China-needs-coal.html
