India Snags Cheap Australian Coal Sitting at Chinese Ports & Australian coal exports grew 26% in value to A$12.5 billion ($9.3 billion)

[The_King]

India is buying Australian coal that’s been stranded inside China for months, according to people who have made the purchases, spotlighting how geopolitics is complicating Beijing’s battle against an energy supply crisis.

The fuel is being bought at a $12 to $15 a ton discount to fresh shipments from Australia and is some of the cheapest thermal coal relative to its quality on the market, said the people, who asked not to be identified because they aren’t authorized to speak with the press. Indian cement makers and sponge iron plants are among buyers that are using the supplies to bridge domestic shortfalls.

The development reflects the extent to which China-Australia relations have soured: China is battling a crippling energy crunch that’s set to get worse as winter sets in, and yet it won’t touch coal from Australia due to a geopolitical squabble. Indian firms have bought nearly 2 million tons of Australian thermal coal that has been sitting in warehouses at the Chinese ports, the people said.

Stockpiles of the fuel at Indian coal-fired power plants, which produce nearly 70% of the country’s electricity, are near the lowest levels in four years and have prompted the state-owned miner Coal India Ltd. to direct more supplies to domestic utilities. That’s reduced shipments to other consumers, including aluminum makers, cement companies and steel mills.

Prices for Australia’s Newcastle coal, considered an Asian benchmark, have surged close to a record.

The discord between China, the world’s largest consumer and importer of coal, and Australia had stranded as many as 70 ships and 1,400 seafarers waiting to discharge their cargoes outside Chinese ports in January. Most vessels subsequently discharged their cargoes or diverted to other destinations.

https://www.bloomberg.com/news/articles/2021-10-01/india-snags-cheap-australian-coal-sitting-at-chinese-ports

[The_King]

Australia sees strong future for coal beyond 2030 despite U.N. call

 

MELBOURNE, Sept 6 (Reuters) - Coal will be a major contributor to Australia's economy well beyond 2030 given growth in global demand, the country's resources minister said on Monday, a day after a United Nations envoy called on the country to phase out the fossil fuel.

Without greater efforts to cut coal, climate change will dramatically damage Australia's economy, Selwin Hart, the United Nations special adviser on climate change, said in a speech in the capital Canberra on Sunday.

Australia's heavy reliance on coal-fired power makes it one of the world's largest carbon emitters per capita, but its conservative government has steadfastly backed fossil fuel industries, saying tougher action on emissions would cost jobs.

Australia's latest export figures show "the reports of coal's impending death are greatly exaggerated and its future is assured well beyond 2030," Resources Minister Keith Pitt said in a statement.

 

In the three months to July, Australian coal exports grew 26% in value to A$12.5 billion ($9.3 billion), he noted. Coal prices have climbed as global economies recover from COVID-19 restrictions.

"The future of this crucial industry will be decided by the Australian government, not a foreign body that wants to shut it down costing thousands of jobs and billions of export dollars for our economy," Pitt added.

The U.N. has called for phasing out coal by 2030 in Organisation for Economic Co-operation and Development countries, which include Australia.

In July, energy and environment ministers from the Group of 20 big economies failed to deliver a deal to phase out coal by 2025. But some experts said there were chances of progress at U.N. climate talks in Glasgow in November.

 

Prime Minister Scott Morrison has said Australia is on a path to net zero carbon emissions but has stopped short of committing to a timeline. He has said that Australia would update its 2030 emissions projections going into the Glasgow talks.

($1 = 1.3454 Australian dollars)

[The_King]

i dont know what poon bear is doing.

 

is he on china side or on Australia side

Edited October 3, 2021 by The_King

[socrates469bc]

i alrdy said in 2018 that tiongland will be on the losing end of any trade war with bee kok.

 

i also said in late 2020 that tiongland will be on the losing end of any trade war with oz.

 

but still have many kgks choose to believe mediacock.

 

limpeh Towkay me has been involved in international trading and supply chain for the past 20+ yrs liao so is more than qualified than any lumber 1 NUS professor to talk economics.

 

wahahahahahhaha