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Australia's coal bonanza at risk as Chinese import 'ban' spreads
Source: The Guardian
Australia's coal bonanza at risk as Chinese import 'ban' spreads
Hold-ups reach southern ports as analysts warn that trade could dry up amid China restructuring and diplomatic tension
Martin Farrer and Ben Smee
Thu 21 Mar 2019 23.35 GMT
The number of Chinese ports restricting or delaying Australian coal imports has continued to rise, threatening to end the export bonanza that is bloating federal coffers and signalling possible painful long-term structural change to the economy.
In an ominous development for Australia’s trade balance and federal budget, traders and buyers in China reported on Thursday that the hold-ups for Australian shipments that began in February have spread from the northern port of Dalian to Fuzhou in the south-eastern Fujian province and Rizhao in Qingdao.
Industry news agency Platts reported one market source as saying that Australian thermal coal used for power generation has been “largely forgotten” by Chinese buyers as they switched preference to delay-free imports from Indonesia and Russia.
The reports have seen a sharp drop to the share price of Australian pure play coalminers. New Hope Corporation shares were down more than 20% this week after it warned of a sharp fall in exports bound for China, while Yancoal has fallen 9%.
-snip-
Hold-ups reach southern ports as analysts warn that trade could dry up amid China restructuring and diplomatic tension
Martin Farrer and Ben Smee
Thu 21 Mar 2019 23.35 GMT
The number of Chinese ports restricting or delaying Australian coal imports has continued to rise, threatening to end the export bonanza that is bloating federal coffers and signalling possible painful long-term structural change to the economy.
In an ominous development for Australia’s trade balance and federal budget, traders and buyers in China reported on Thursday that the hold-ups for Australian shipments that began in February have spread from the northern port of Dalian to Fuzhou in the south-eastern Fujian province and Rizhao in Qingdao.
Industry news agency Platts reported one market source as saying that Australian thermal coal used for power generation has been “largely forgotten” by Chinese buyers as they switched preference to delay-free imports from Indonesia and Russia.
The reports have seen a sharp drop to the share price of Australian pure play coalminers. New Hope Corporation shares were down more than 20% this week after it warned of a sharp fall in exports bound for China, while Yancoal has fallen 9%.
-snip-
Read more: https://www.theguardian.com/environment/2019/mar/22/chinese-ports-restricting-australian-coal-on-the-rise-as-export-bonanza-in-danger
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