EXPORT prices for coal at Newcastle rose to their highest point in almost three years after the port halted operations because of bad weather.

The price of thermal coal for immediate delivery from the port increased $1.73 to $58.73 a tonne last week, according to the globalCOAL NEWC Index.

Coal loadings were halted on Friday as storms lashed the coast.

The port is yet to resume operations, said Newcastle Port Corporation spokesman Neil Patchett. He said there was a four-metre ground-swell pumping into the Hunter cove.

Shipments at Newcastle are already being hampered by bottlenecks on the rail system, preventing miners from fulfilling orders and raising their costs.

Prices are “going to be stronger for longer”, said Donovan Huang, a Hong Kong-based coal analyst at Nomura Securities.

“There’s been a lot of psychological impact because of what’s happening in China and the natural disaster in Australia is adding more pressure.”

China’s coal imports in the first four months surged 50 per cent to 19 million tonnes, while exports slumped 29 per cent to 15.87 million tonnes, according to customs figures released on May 25.

The queue of ships waiting to load coal at Newcastle fell to 59 at the end of May from a record of 74. It is estimated to fall to 42 at the end of June and 22 at the end of July.

Newcastle port shipped a record volume of coal in the first quarter. More than half the coal export supplies at Newcastle are sent to Japan.

The price of coal at Newcastle reached its highest of $63.63 in July 2004.

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