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Australian thermal coal facing potential ban in China
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Report summary
Rumours of a ban on Australian thermal coal to China have surfaced in the thermal coal market this week. In an NDRC meeting last week, 5 major state-owned utilities were said to have been directed to stop buying new cargoes of Australian thermal coal from 15 May. The restriction is targeted at stemming the flow of surging imports into China, in a bid to boost domestic prices. Chinese imports this year are annualising almost 75 million tonnes higher than last year. Producers and traders we have spoken to have little clarity on how strictly this will be implemented and the overall impact on the market.
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