- Write by:
-
Tuesday, May 23, 2023 - 22:58:14
-
76 Visit
-
Print
Mining News Pro - Australian coal continues to make inroads among Chinese buyers, adding to pressure on domestic prices, with new shipments climbing to their highest level since Beijing halted imports in the fall of 2020.
That ban ended at the start of this year and China’s appetite for the high-quality coal supplied by Australia is gaining momentum amid concerns that rising domestic production includes too much lower-grade fuel. Australian cargoes in April of mostly thermal coal for power plants surged 75% from the prior month to 3.89 million tons, according to Chinese customs data.
That puts Australia’s share of imports at 10%, almost double the level seen in March. Although a bigger volume of Australian coal was recorded in November 2021, those were previous shipments stranded by the ban that took as long as a year to clear customs.
At the same time, Russia’s coal exports to China dropped from the record level hit in March, as did its crude oil shipments. Seaborne Russian gas cargoes also fell from the previous month. The moderation in sales comes as Russian leaders visit Shanghai on Tuesday to help cement Moscow’s importance as a supplier of commodities to its eastern neighbor and strategic partner.
China’s total coal purchases fell slightly in April to 40.68 million tons, although that was still their third-highest tally ever and shipments have increased 89% over the year to date. The benchmark price at the port of Qinhuangdao has dropped to its lowest since the start of last year as the rising tide of imports lands at a time of seasonally weak demand.
Elevated stockpiles at Chinese ports could force traders to dump coal, pressuring prices further, before warming temperatures and improved economic activity help clear the surplus, according to a note from Fengkuang Coal Logistics.
Short Link:
https://www.miningnews.ir/En/News/622962

Mining News Pro - London Metal Exchange (LME) stocks of tin have grown steadily over the summer months and have reached ...

Mining News Pro - The world’s biggest coal producer, state-owned Coal India Ltd., is facing a potential three-day strike ...

Mining News Pro - Rio Tinto has been solely funding preparatory work at the blocks it holds at Simandou, one of the ...

Mining News Pro - Chile’s Codelco is ending long-term contracts to sell copper concentrate to Chinese clients from 2025, ...

Mining News Pro - The spot price of iron ore has climbed to a five-month high amid improving sentiment and some ...

Mining News Pro - Chinese battery metals producer CNGR Advanced Material Co. is weighing an initial public offering of ...

Mining News Pro - Private credit funds are in talks to lend $750 million for an Australian company’s bid to buy one of ...

Mining News Pro - Welcome to the world of China’s lithium auctions, where vast numbers of bids are placed, firms end up ...

Mining News Pro - New investments in the United States and Europe aim to challenge China’s stranglehold on a key ...
No comments have been posted yet ...