Spot metallurgical coal is heading for a record after surging above $300 a metric ton amid
supply curbs from Australia, the world’s biggest exporter of the commodity used to make steel. Morgan Stanley says "panic buying" has helped double the price of premium hard coking coal over the past eight sessions after rain from the remnants of cyclone Debbie
flooded rail lines and halted deliveries to export ports. Prices were unchanged at $300.30 a ton on Tuesday, near a record $308.80 reached in November after China cut production to reduce overcapacity.
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