Chinese coal futures rose on Tuesday ahead of a review of an export ban announced last week by Indonesia, one of the world’s largest exporters of the fossil fuel, stoking fears of knock-on effects for the global economy.
The most active contract traded on the Zhengzhou Commodity Exchange rose as much as 8 per cent on Tuesday compared with its Friday closing price, with several other contracts also up more than 6 per cent at midday.
Indonesia’s state utility provider said on Monday that the country’s coal supply situation was facing a “critical period”. This followed an energy ministry announcement at the weekend that the government would seek to ban coal exports for the month of January.
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