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28 Nov 2014
China's coal imports totalled 223.2M tonnes in the first three quarters of 2014, declining 6.6% year on year, and are expected to decline by 13% for the full year, according to IHS Energy.
National raw coal production totalled 2,850M tonnes in the first three quarters of 2014, 1.3% lower than in the same period in 2013, data from IHS Energy showed.
The high stocks and the expected weak demand make a significant price recovery in the fourth quarter unlikely. Although strongly depressed by the strong hydropower generation in the third quarter, coal prices started to recover in October.
The nation's coal demand was down 1.2% y/y in the first three quarters. The growth rates of all key coal-consuming sectors dropped significantly compared with the same period in 2013.
Despite the reinstatement of coal import taxes and other measures to cut imports, IHS Energy does not expect a steep imports decline in the fourth quarter.
The long overdue resource tax reform will finally start 1 December 2014, which is expected to lead to lower mining costs in the most competitive producing provinces, but increase costs in high-cost regions.
Source: http://www.ihsmaritime360.com/