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Saturday, 06 June 09
COAL PRICE HIT RECORD ON STRONG CHINA DEMAND - INVESTMENT WATCH


Investment watch reported that, “Coal price hit a new high of over $72 a tonne at Australia’s Newcastle Port, a benchmark for Asia, spurred by strong demand in China, the rising oil price and expectations that a recovery in global economy.

Thermal Coal prices in the globalCOAL Newcastle index rose $6.48 from the previous week to $72.79 a tonne, the highest since Feb. 24 when it stood at $73.38 a tonne.

But domestic coal price has been kept stable for a whole month, the Datong premium blend with heating value of 6,000 Kcal/kg was 620-640 yuan/t (about US$ 91.2-94.1 per tonne) on Qinhuangdao port, a benchmark for China’s domestic market.

China’s coal demand remains robust, as the prices of imported coal maintain a discount to domestic prices.

Guangdong, a major coal consumer in south of China, imported 6.15 million tonnes of coal in Jan-Apr, up 59.2 percent year on year.

Shandong, one major industrial province in east of China, imported 1.6 million tonnes coal in the first four months, up 106.3 percent year on year.

China’s recent hunger for overseas coal pushes the international coal price up, said Huang Teng, an expert in coal trading. Coal price will continue to rise, if demand from China remains strong, Huang added.

China’s coal import may hit 65 million tonnes this year, up 60 percent from a year earlier, Huang predicted.

Analysts say higher coal imports may not affect the domestic market much, even if the volume breaks 100 million tonnes, as it just accounts for 4 percent of the country’s total consumption.”

Source: http://investment-blog.net/coal-price-hit-record-on-strong-china-demand/



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Friday, 12 June 09
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Friday, 12 June 09
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