Coal prices rise to record in China as floods keep supplies tight

Futures gain 9% to intra-day record of $254.3/ton

A dramatic surge in coal prices in China is beginning to cool as top production hubs recover from the impact of floods, signalling a reprieve in the nation’s energy crisis.
 
Most coal mines shuttered as a result of heavy rainfall in northern China’s Shanxi province have now resumed operations, while output is improving in the neighbouring Shaanxi hub. Daily production in Ordos, Inner Mongolia jumped to the highest rate this year in recent days, according to analysts at CCI.
 
Coal futures on the Zhengzhou Commodity Exchange pared gains Wednesday after earlier rising about 9 per cent to a