Asian coal prices strike late 2016 high

SINGAPORE, Jan 4 (Reuters): Asian benchmark thermal coal prices have pushed to their highest levels since 2016, fueled by demand in China and loading delays in Indonesia that have ramped up shipping congestion outside major coal ports.

Spot cargo prices for Australian Newcastle coal have risen nearly 15 per cent from lows in late November after China loosened import restrictions to help meet a winter fuel shortage.

"The reason behind relaxing the restrictions was to ensure coal supplies at utilities, as some coal-fired power plants in eastern regions have been operating with minimum coal inventories," said Zhang Xiaojin, coal analyst at Everbright Futures.

The move by the National Energy Administration also followed an ambitious gasification.