UPDATE 1-GlobalCOAL coal price index jumps above $100/T

SYDNEY, Jan 29 (Reuters) - Thermal coal prices at Australia's Newcastle port, a benchmark for Asian coal prices, jumped nearly $9 over the weekend to $102 a tonne, data from electronic trading platform globalCOAL showed on its week-to-date index.

The sharp rise in the coal price index comes after reports of China and South Africa halting their coal exports in an effort to alleviate a severe power crisis.

China's Ministry of Communication told port authorities on Friday to stop exports of coal in February and March to help address worsening power shortages across the country [ID:nSYD24508].

China's move to ban coal exports for the next two months have sent Japanese and South Korean utilities scrambling for more coal to make up for the supply shortage.

News that major coal exporter South Africa would also be diverting its export coal to state utility Eskom [ESCJ.UL] to stem the the country's severe power crisis have also helped to push up coal prices [ID:nL25791646].

State utility Eskom has also asked South Africa's coal producers to find an extra 5 million tonnes of coal during the next three months to ensure there is enough fuel to avoid power cuts and to build stocks ahead of the winter, industry sources said on Monday [ID:nLA443840].

The power shortage in South Africa has stopped production at many of the country's gold and platinum mines, including some of the world's largest, sending prices for precious metals soaring.

The globalCOAL daily index is calculated based on the average price of physical trades done within a three-month timeframe, or based on the average bid and offer prices on screen when there are no physical trades recorded. (Reporting by Fayen Wong)