Transnet strike hurting Europe’s coal prices during energy crisis

Traders are relying increasingly on South Africa because European Union sanctions ban purchases from Russia, long the continent’s largest source.

They’re now trading at about $290 per ton, rebounding from an almost seven-month low on Oct. 10.

The jump also may be driven by traders covering shorts or profit-taking after a long decline, Claude said.exports as staff refuse to work unless the company raises their pay. Negotiations are set to continue Wednesday. Coal exports to Europe from a consortium that owns the Richards Bay Coal Terminal in South Africa increased to 4.1 million tons in the first half of 2022, compared with 500,000 tons a year earlier, Thungela Resources Ltd. Chief Financial Officer Deon Smith said in August.

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