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China lowers coal export tax to help domestic miners

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Report summary

China's decision to lower coal export tariffs to allow miners to sell surplus production on the seaborne market is unlikely to fructify without significant tax concessions.

What's included

This report contains

  • Document

    China lowers coal export tax to help domestic miners

    PDF 326.06 KB

Table of contents

  • Executive summary
  • Transition from a net exporter to a net importer of coal – what next?
  • Weak demand growth and oversupply, Chinese coal seeks an outlet
  • At current prices, it will be hard for Chinese coal to compete with cheaper international coal
  • Chinese coal can compete from cash cost perspective but again depends on removal of VAT and export tax
  • Conclusion

Tables and charts

This report includes 9 images and tables including:

Tables

  • China tax/rebate history
  • Japanese Power Utilities Apr-Mar contract settlement (US$/t)

Images

  • Thermal coal exports and quota (Mt)
  • Coking coal exports and quota (Mt)
  • Delivered price of bit. coal into Japan (US$/t)
  • Delivered price of sub-bit. coal into Japan (US$/t)
  • Delivered price of bit. coal into S Korea (US$/t)
  • Delivered price of sub-bit. coal into S Korea (US$/t)
  • Delivered thermal cash cost curve for Japan, 6000 kcal NAR (US$/t)

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