The price of a key raw material for China’s vast steel making industry has soared even as Beijing tries to rein in runaway commodity prices.
High quality coking coal delivered to China has risen above $300 a tonne for the first time since 2017, up almost 150 per cent since October, due to a supply squeeze that has left steel mills scrambling and paying a much higher price than international rivals.
The price surge underlines the difficulties China faces trying to cool red hot commodity markets, which it has identified as a key risk to its economic recovery, and its foreign policy goals.
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