Tuesday, 23 Aug 2011
Bloomberg quoted Australia & New Zealand Banking Group Ltd said coal imports into China, the world biggest consumer jumped 34% to a record in July.
Mr Mark Pervan an analyst at ANZ in Melbourne said shipments climbed sharply from a year earlier to 17.53 million tonnes.
He said that imports are set to accelerate next month or in October as utilities start to restock in anticipation of stronger winter demand. He added that “Signs of a pickup in Chinese activity are supporting China imported coal prices.”
According to the report China bought more low quality coal. Imports came to 3.63 million tons for the anthracite variety, 4.05 million tonnes for coking coal and 9.85 million tonnes for thermal coal.
Coking coal is used to make steel, while thermal coal is burned to generate power. China is the world’s biggest steel producer.
(sourced Bloomberg)
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