Coal price increases as supply tightens
Date:2008/04/25 Source:
PRICES for coal exports and imports rose in the first two months of 2008, amid tight supplies, strong demand on world markets and rising domestic regulatory costs.
The General Administration of Customs said yesterday that China exported 8.75 million metric tons of coal for US$630 million, up 13.5 percent and 39.7 percent, respectively, year-on-year.
Prices averaged US$72.2 per ton. For February only, exports were 3 million tons, down 32.1 percent.
Imports were 7.06 million tons, down 18.2 percent year-on-year. These shipments were valued at US$450 million, up 13.1 percent. The average price was US$63.3 per ton. For February only, imports were 2.82 million tons, down 28.2 percent.
Customs said that supplies were short on world markets. The biggest exporter, Australia, was affected as its major export port, Queensland, was affected by a natural disaster in January. South Africa slashed exports to ensure domestic supplies.
Meanwhile, global steel production has expanded and driven up coal demand, particularly from Japan and the Republic of Korea.
In China, efforts to conserve energy and improve the environment have been stepped up for the coal sector. Also, the nation imposed a 5-percent export duty on some types of coal as of November 1, 2006.
According to customs figures, state-owned enterprises took the lead in coal sales, with exports of 8.68 million tons in the January-February period, or 99.2 percent of the total. The private sector led the buying, with imports of 4.4 million tons, or 62.3 percent of the total.
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