China, India bash Aussie coal

Via Reuters:

Australia’s share in India’s coking coal market fell to 71 per cent, or 36.91 million tonnes, during the year ended March 2019 from about 88 per cent three years ago, India coal ministry data reviewed by Reuters showed. The United States and Canada had a 5.6 per cent share of the market three years ago.

The Indian figures came a day after customs data revealed China’s imports of Australian coking coal almost halved in May from a month earlier, as buyers held off purchases because of uncertainty regarding government policy on Australian imports.

…Imports of thermal coal from the United States jumped by almost a quarter to 10.84 million tonnes, the largest gain by a country in percentage terms. Indonesian coal imports rose 18 per cent.

…Australian thermal coal exports to India could rise once Adani’s Carmichael mine starts exporting, which the company expects to do in two years.

Mercifully, the coking cola price has still held up around $200. But Chinese imports of thermal coal have also dropped off a cliff, along with the price:

Such falling volumes bode poorly for Q2 GDP.

Comments are hidden for Membership Subscribers only.