The ability of policymakers in Beijing to roil global commodity markets has been underlined by a breathtaking rally in a key steelmaking ingredient that has caught consumers cold, but promises a profit windfall for the struggling mining industry.
The price of premium hard coking coal has more than doubled in the past six weeks to more than $200 a tonne as supplies have dwindled and buyers have scrambled to find cargoes in the spot market.
Behind the surge — or “met coal mania” as it has been dubbed by one bank — are production curbs in China where the government is restricting the number of working days at domestic coal mines to 276 a year, down from 330.
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