The coal price rises because buyers do not want to trade with Russia

Sanctions have caused intense concerns over the ability of European companies to get coal from Russia, which supplies the region more than any other country. Even with the continent's coal reserves on a low historical level, high natural gas prices mean it is even more profitable to burn coal than gas to produce energy.

Early month prices rose by 38% to reach a record rate of $32,50.

Many European companies have started coal offerings in South Africa as they are concerned they will not be able to receive supplies from Russia, according to a coal merchant who was not authorised to speak publicly. Last week, the level of coal stock in the EU dropped to 2.56 million tonnes, the lowest since Argus Media started compile numbers in 2014, Bloomberg writes,