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Coal futures were trading around $102 per tonne, a level not seen since December of 2018, as miners struggle to meet robust demand, particularly from China and supply remains constrained.

Electricity consumption in China, a key barometer of economic activity, grew 13.2% from a year earlier in April as the country’s economic rebound gathers pace.

On top of that, data showed China coal output fell 1.8% YoY in April to an 8-month low due to safety and environmental inspections in some major coal-producing regions and some mining accidents.

Adding to further supply constraints were an unofficial ban on Australian coal while the continued stockpiling ahead of summer have supercharged existing upward momentum in the market.