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BEIJING/CHENNAI (Reuters) - India and Indonesia have emerged as key beneficiaries of a Chinese ban on Australia’s coal exports which is expected to further shift global trade in the fuel used for power generation and steelmaking this year.
FILE PHOTO: Coal is unloaded onto large piles at the Ulan Coal mines near the central New South Wales rural town of Mudgee in Australia, March 8, 2018. REUTERS/David Gray/File Photo
Australia, the world’s biggest coal exporter, will continue to benefit from growing Indian demand for its coal, made cheaper after it was shunned by China, analysts said. Coal traders and buyers expect India’s buying spree of Australian coal to last into next year due to its price and quality.
Analysis: India, Indonesia benefit as China s ban on Australian coal reshapes trade flows
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Analysis: India, Indonesia benefit as China s ban on Australian coal reshapes trade flows
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
China issues revised steel ‘capacity swap’ guidance draft
This week China’s Ministry of Industry and Information Technology (MIIT) released a draft version of the “capacity swap” scheme for the domestic steel industry, listing the detailed guidelines to adhere to for the installation of all the new domestic iron- and steelmaking capacities, and this long-awaited document has been viewed by market insiders as the new code of conduct to shape the country’s steel industry in the future.
The term “capacity swap” refers to the removal of old or inefficient iron- or steelmaking capacities by steelmakers and the installation of new facilities of similar capacity, a crucial measure in the central government’s strategy to rein-in the country’s bloated steel industry. Beijing is also eager that benefits to the industry’s structure achieved by the removal of over 150 million tonnes/year of excessive iron and steel capacity over 2016-2018 and 140 million t/y of substandar