Sunday, 11 November 2011
China, the world’s biggest coal consumer, increased imports of coal from South Africa three-fold in October from a year earlier, Mjunction Services Ltd. said in a note to clients.
Purchases rose to 2.59 million metric tons last month from 863,000 tons a year earlier as imports became cheaper than supplies from Chinese mines, India Coal Market Watch, a unit of Mjunction, said today. China’s purchases were 912,000 tons in September.
China’s imports accounted for 35 percent of the 7.38 million tons shipped from South Africa in October, exceeding India’s purchases of 1.26 million, according to the data from Mjunction, a joint venture between Tata Steel Ltd. and Steel Authority of India Ltd. India typically purchases more coal from South Africa than China.
Total imports of coal by China rose to a record in September, increasing 25 percent to 19.1 million tons from a year earlier, the National Development and Reform Commission said in a statement last month on its website.
Chinese buyers typically increase purchases when the cost of coal from countries including Indonesia, South Africa and Australia falls, making imports more economical than domestic supplies.
Prices at Richards Bay have averaged $110.82 a ton in October 2011 compared with $152.98 at Qinhuangdao in China for 6000 kilocalories per kilogram coal grade, data from Petersfield, U.K.-based researcher IHS McCloskey showed.
Coal at Richards Bay in the seven days ended Nov. 4 fell to the lowest level in 11 months to an average $108.13 a ton, IHS McCloskey said.
South Africa’s exports to Asia rose 38 percent from a year ago to 5.43 million tons last month while exports to Atlantic countries fell 44 percent versus last year to 1.72 million tons, according to the note.
Source: Bloomberg
China, the world’s biggest coal consumer, increased imports of coal from South Africa three-fold in October from a year earlier, Mjunction Services Ltd. said in a note to clients.
Purchases rose to 2.59 million metric tons last month from 863,000 tons a year earlier as imports became cheaper than supplies from Chinese mines, India Coal Market Watch, a unit of Mjunction, said today. China’s purchases were 912,000 tons in September.
China’s imports accounted for 35 percent of the 7.38 million tons shipped from South Africa in October, exceeding India’s purchases of 1.26 million, according to the data from Mjunction, a joint venture between Tata Steel Ltd. and Steel Authority of India Ltd. India typically purchases more coal from South Africa than China.
Total imports of coal by China rose to a record in September, increasing 25 percent to 19.1 million tons from a year earlier, the National Development and Reform Commission said in a statement last month on its website.
Chinese buyers typically increase purchases when the cost of coal from countries including Indonesia, South Africa and Australia falls, making imports more economical than domestic supplies.
Prices at Richards Bay have averaged $110.82 a ton in October 2011 compared with $152.98 at Qinhuangdao in China for 6000 kilocalories per kilogram coal grade, data from Petersfield, U.K.-based researcher IHS McCloskey showed.
Coal at Richards Bay in the seven days ended Nov. 4 fell to the lowest level in 11 months to an average $108.13 a ton, IHS McCloskey said.
South Africa’s exports to Asia rose 38 percent from a year ago to 5.43 million tons last month while exports to Atlantic countries fell 44 percent versus last year to 1.72 million tons, according to the note.
Source: Bloomberg
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