European Coal Hits Seven-Year Low as Costs And Demand Drop
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European coal fell to the lowest in at least seven years as the cost of mining and shipping the fuel dropped and demand from China, the world’s largest consumer of the fuel, is forecast to decline.
Benchmark year-ahead thermal coal lost 1 percent to the lowest since September 2007, when Bloomberg began compiling data from brokers. Prices for coal in Australia and South Africa, two of the world’s five biggest steam coal exporters, have dropped to five-year lows in the past two weeks.