European coal futures are continuing to rise and hit $303 per ton on Wednesday after the European Commission announced a ban on Russian coal imports.
API2 Rotterdam Coal Futures, the benchmark for European coal prices, increased by 12.5% to $295 per ton on Tuesday after Ursula von der Leyen, the president of the European Commission, announced a statement on banning Russian coal imports.
Prices maintained increases, hitting $303 per ton for a 4.5% increase compared to Tuesday's closing.
Coal futures for May 2022 and June 2022 hit $325 and $323 per ton, respectively.
According to Brussels-based think tank Bruegel, the EU imported 54% of its total coal imports from Russia in 2020, while its dependence on Russian thermal coal used for power generation stood at 70%.
Coal accounted for 15% of the EU's power generation last year.
By Nuran Erkul Kaya