Sky News Business Reporter Ed Boyd says there is good news for Australian companies that produce coal.

It comes as coal prices hit five-year highs due to a strong recovery in global power demand and steel production.

“Pretty amazing – coal prices have actually tripled in the last 12 months,” Mr Boyd said.

“A couple of things have been happening over the last 12 months that has pushed up the price – COVID has caused supply issues around the world, and China is actually refusing to buy Australia’s coal, so they’re paying more money for coal from other countries and that’s pushing up the price here.”

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