Thermal coal has not escaped the dramatic sell-off in commodities as the credit crisis deepens. The Reuters/Jefferies CRB Index has lost more than 43 per cent of its value since its July 2008 high. After a five-year rise in prices on the back of rapid demand growth from Asia and in particular China, as well as supply chain bottlenecks, thermal coal prices in Asia have fallen more than 30 per cent since July, tracking oil down to a six-month low of US$130/tonne on 3 October.
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