BHP Group (ASX:BHP) shares gained more than 1% in recent Monday trade as the price of coking coal spiked following a Friday explosion at a Chinese coal mine.
Chinese coking coal futures increased by nearly 8% to hit their daily limit after the blast at the privately owned Liushenyu mine, which media reports described as China's deadliest mining accident in more than a decade.
The incident left at least 82 people dead and will "almost certainly trigger widespread safety inspections that could affect China's much larger supplies of thermal coal, used in power generation," Bloomberg reported.
The most active coking coal contract on the Dalian Commodity Exchange jumped 8% to the equivalent of about $186.76 per metric ton, Reuters reported.