'The Australian' business section leads on Monday 4 October 2021 with this wonderful series of facts (and thank you to Federal Coalition Minister Keith Pitt who is a strong supporter, unlike Labor/Greens):

Thermal coal sets record as demand soars amid energy squeeze

The price of Newcastle coal has soared to an all-time record amid a global energy squeeze.

• Perry Williams

  Senior Business Writer

• 9:48PM October 3, 2021

"The price of premium Australian thermal coal has raced to an all-time record after a global energy crunch sparked a battle among buyers for fresh supplies of the fossil fuel.

High-grade Newcastle coal soared to $US203.20 ($279) a tonne, beating the previous high set in July 2008, and marking a fourfold price increase in the last year alone as big global buyers rush to grab deals for the power-generation fuel ahead of the Northern Hemisphere winter.

The rise, along with a surge in metallurgical coal and LNG prices to near record levels, will also boost the fortunes of Australian exporters, according to the Morrison government, helping ease a rapid decline in iron ore prices as steel demand falls in China, the world’s largest buyer of the metal.

Producers including Whitehaven Coal, Yancoal and New Hope Corporation have all rallied on the price bounce.

“These record prices confirm that, far from declining, global demand for Australian premium thermal coal is rising and forecasts indicate it will remain high for several years at least,” Resources Minister Keith Pitt told The Australian. “With metallurgical coal prices also at a record level and LNG fetching high prices, the outlook for Australian exporters is extremely good.."