Whitehaven Coal is poised for a 17% weekly advance, its best since October 2022, with Sydney-listed Coronado Global Resources and Yancoal Australia posting similar gains. Coking coal futures in Singapore hit a two-month high earlier this week after a fire at Anglo American’s biggest metallurgical coal project in Australia halted production.
The blaze at Anglo’s Grosvenor mine, which started after a methane explosion on Saturday, took roughly 1% of seaborne coal out of the market and could take months to extinguish. It also coincided with the London-based miner’s plans to sell the asset as part of a turnaround plan.
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