The report released this week by China's customs points out that in the first two months of this year, China's coal imports declined and exports went up.
The following are the reasons. Statistics show that China's coal imports in the first two months went up by 11.5%YoY to 7.87 million tonnes worth USD 650 million and the value rose by 46.1% the average import price remained at USD 83.1 per tonne increasing by 31.1%.
1. The main reason for the drop in coal exports rests with the fact that international coal price slumped, and it was even lower than domestic coal price. In addition, as the financial crisis spreads further, coal demand in the international market also came down.
2. The export tariff imposed on coal exports also curbed the exports volume of coal.
3. The standoff between China's coal and power enterprises also contributed to the drop. As there was no agreements made between the two sides, power enterprises reasonably resorted to overseas coal resources, thereby pushing up the imports of coal.
The report also points out that coal supply may become tight in China. According to the analysis, the frequent occurrence of coal mine incidents has weakened coal supply, as coal mines maintenance has been carried out. As present, railway ex-province transportation of coal has slumped by over 20%, and coal stock at Qinhuangdao port has also experienced 11.6% drop. In the near future, China's coal supply will probably tend to be tight.
Source: MySteel
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