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New UserGlobal coal prices surge 20% as China, Indonesia reduce output
04 Aug 2016
Global coal prices are on the rise again after remaining subdued for several
months.
Since June end, coal prices have risen almost 20%, or about $10 per tonne on an average.
Analysts attributed the rise in prices to reduced supplies from Indonesia and cut in production
at Chinese mines.
The development would help Coal India push its excess coal to companies that have been importing them so far, as the price difference
between domestic and imported coal has widened.
China has decided to reduce its annual coal production to 3.6 billion tonnes from 4 billion, an industry analyst said.
"The country has also clamped down on illegal mines following recent accidents that has also increased demand for the fuel in the global
market. They have also cut down production due to safety issues at mines," the person said.
China's production cut of 400 million tonnes is almost 80% of Coal India's total production. Indonesia, too, has decided to reduce
production by some 50 million tonnes since there was a decline in demand last year. It has also decided to use larger volumes of coal
internally.
Source:ET