China’s Coal Prices Soar To All-Time High As Floods Shut Down Sixty Mines

Coal futures in China closed at a new record high on Monday after sixty coal mines in the country’s top coal-producing region were forced to shut amid heavy rain, flooding, and landslides, worsening the energy supply crisis. Coal futures on the local Zhengzhou Commodity Exchange jumped by nearly 12 percent to close at the equivalent of $219 per ton on Monday, setting a new record, data from Bloomberg showed. Heavy rain in recent days has led to nearly 2 million people being displaced in the northern Chinese province of Shanxi, which is the…