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After years of pain, coal becomes one of the hottest commodities of 2016

2nd September 2016

Less than a year after the coal industry was declared to be in terminal decline, the fossil fuel has staged its steepest price rally in over half a decade, making it one of the hottest major commodities.

Cargo prices for Australian thermal coal from its Newcastle terminal, seen as the Asian benchmark, have soared over 35 percent since mid-June to more than one-year highs of almost $70 a tonne, pushed by surprise increases in Chinese imports.

"Coal markets, after five years of declining prices, appear to have found a bottom in the first quarter," Australia's Whitehaven Coal said on Thursday, as its shares hit a three-year high on the release of its annual results.

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