Coal Price Sets Record at $185 a TonJULY 14, 2008 08:11
Soaringinternational oil prices are also pushing up those of alternative fuelsources. The price of bituminous coal, an alternative fuel at thermalpower stations, has surpassed 180 U.S. dollars a ton for the first time.
Thespot price of Dubai crude oil, Korea’s benchmark import, also jumpedmore than six dollars per barrel Friday. The future price of West Texasintermediate exceeded 147 dollars, setting another record high.
KoreaResources Corp. said yesterday that bituminous coal was traded at 185dollars a ton Australian coal FOB Newcastle in the second week of July,up 16 dollars in just a week.
Bituminous coal is one of eightstrategic natural resources along with oil, gas, uranium, copper, zinc,nickel and iron ore closely monitored by the National Energy Committee.A strategic resource is a natural resource on which Korea is heavilyimport dependent and whose disruption of supply could severely damageleading industries. The list is updated every three years.
Bituminouscoal skyrocketed from 67.9 dollars per ton in July last year to 185dollars last week, a whopping 172-percent increase. This is the highesthike among the eight strategic resources.
The price of crude oilwas affected by news of Iran’s missile tests and an oil workers’ strikein Brazil. According to Korea National Oil Corporation, the spot priceof Dubai crude was traded at 139.03 dollars a barrel, up 6.22 dollarsfrom the previous day and close to the record 140.70 dollars set July 4.
Thefuture price of West Texas intermediate on the New York MercantileExchange soared to a record 147.27 dollars per barrel before closing at145.08 dollars, up 3.43 dollars from the previous year. Brent crude oilon London’s ICE settled at 144.49 dollars, up 2.46 dollars.