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.
(Bloomberg) The global energy crisis is reshaping trade routes for coal, illustrating the heightened demand for a fuel many considered on the downswing.
MONEYWEB
app instead?
The dirtiest of fuels theyâre racing to phase out is enjoying booming demand.
By David Stringer and Dan Murtaugh, Bloomberg
3 Jul 2021 00:48
Image: Andrey Rudakov/Bloomberg
Coal prices across Asia are surging to records, underscoring a challenge for governments seeking a faster energy transition: the dirtiest of fuels theyâre racing to phase out is enjoying booming demand.
Power plants are rushing to secure adequate electricity supplies as a hot summer adds to demand from the regionâs post-pandemic industrial revival. On top of that, output in some key producer nations has been hurt, while high natural gas costs mean thereâs no cheaper alternative for utilities to turn to.
The Straits Times
Unrelenting coal demand in Asia poses challenge to climate goals
Much of the tightness in the market can be traced back to China, which produces and burns half the world s supply.PHOTO: REUTERS
UpdatedJul 3, 2021, 1:24 pm
PublishedJul 3, 2021, 12:55 pm SGT
https://str.sg/3oDj
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