A Chinese firm has placed an order to import Australian coal, providing clear evidence of the lifting of an unofficial ban imposed more than two years ago.
A Chinese firm has placed an order to import Australian coal, providing clear evidence of the lifting of an unofficial ban imposed more than two years ago and potentially paving the way for a broader thawing of trade relations between the two nations., came as coal industry sources signalled they expect only a likely gradual resumption of Chinese imports of Australian coal. The China Energy cargo is likely to be loaded before the end of January, the report said.
Wood Mackenzie analyst Rory Simington said the limited arbitrage between Chinese domestic and Australian coal prices could slow the resumption of the trade. He noted that the delivered cost for Australian high-ash thermal coal, at $US150 per tonne, is almost the same as the Chinese domestic price, while Australian coking coal only enjoys an advantage of $US10-$US15 a tonne, which he said “may not be large enough to attract end users”.
“It seems to be remarkably specific, and it makes sense: there has been a thawing in the relations since Labor got in, and the market is relatively tight,” one market watcher said.“I imagine that COVID outbreaks are wreaking havoc in the Chinese coal industry as they are everywhere.”
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