China turns to stranded Australian coal to combat power crunch

[The_King]

SINGAPORE :China is releasing Australian coal from bonded storage, despite a nearly year-long unofficial import ban on the fuel, as it scrambles to ease a national power crunch stemming from a coal shortage, traders familiar with the matter said.

The power crisis in the world's top consumer of coal comes as strong demand from manufacturers, industry and households has pushed prices to record highs and triggered widespread curbs

An estimated one million tonnes of Australian coal have stayed in bonded warehouses along China's coast for months, uncleared by customs after Beijing's unofficial ban last October, a trading executive said.

"Some of the Australian coal stuck at Chinese ports started to be released at the end of last month...though many of those (cargoes) had already been diverted to markets like India," said the trader, based in eastern China.

A second trader said the release from bonded storage would start this week.

Top economic planner the National Development and Reform Commission did not immediately respond to a request for comment.

While China has urged top miners to boost output and told power operators to step up coal imports in "an orderly manner" so as to ease the supply squeeze, it has refrained from directly resuming imports from Australia, formerly its number two supplier after Indonesia

 

However, at one million tonnes, or the equivalent of just one day of China's coal imports, the stocks release will do little to quench the market's thirst for coal.

"Without resuming Australian coal imports, the supply shortage will be here to stay for some time, as it takes time to boost domestic production after nearly 5 years of output curbs," said a third Beijing-based trader.

"I am not optimistic. The shortage will last at least through the fourth quarter and possibly till after February or March, when the heating season ends."

Exports from other key suppliers, such as Russia and Mongolia, have been curtailed by limited rail capacity, while shipments from Indonesia have been hindered by rainy weather, traders said.

That has led utility operators such as eastern China's Zhejiang Energy to bring in the first thermal coal imports from Kazakhstan on Monday, following its first imports of U.S. thermal coal in June and July.

 

China imported 197.69 million tonnes in the first eight months of 2021, down 10per cent on the year. But August coal imports rose by more than a third on tight domestic supplies.

To ease the supply strain, China State Railway Group pledged on Tuesday to allot more freight capacity to ensure coal inventories sufficient for 14.4 days of use at 363 power plants with direct rail access, state media said.

(Additional reporting by Melanie Burton in Melbourne and Huang Binbin in Beijing; Editing by Clarence Fernandez)

Source: Reuters

[The_King]

Hong Kong Imported 4 Times More Australian Wines in May 2021

 

 

While Mainland China has reduced its importation of Australian wines in the past months, Hong Kong bought more of them so far this 2021. 

In May alone, Hong Kong imported HK$221.5 million worth of wines from Australia, rising by four folds or 340% from May 2020’s import value, according to trade data from Hong Kong’s Census and Statistics Department.

Year-to-date, it bought a total of HK$725.7 million Australian wines from January to May, representing a 207% rise from the same months last year.

Australian wines are Hong Kong’s second-biggest shipment of imported wines in May. Hong Kong and Australia entered into a free trade agreement in January 2020 with the latter enjoying free tariff on its wine exports to its partner. 

To recall, Australia’s wine exports to Mainland China fell drastically in the past months following hefty Chinese tariffs of up to 200% on the commodity. 

Meanwhile, French wines remained Hong Kong’s top choice of overseas wines, buying HK$467.3 million worth of wine products in the same month, climbing 35% year-on-year. 

Completing Hong Kong’s top 5 sources of imported wines in May are the UK, Italy and the US, which all showed year-on-year value growth of 11%, 17% and 79% respectively. 

More Port Wines

By category, Hong Kong seemed to crave more imported port wines as its shipment grew by almost four times to HK$1.08 million in May. 

But imported red wines topped the category with a value reaching HK$771 million or 59% more compared to last year May’s shipment. 

Hong Kong also bought nearly twice the value of imported champagnes to around HK$70 million. It also increased its shipment of white wines overseas by around half to HK$30.7 million.

Meanwhile, the value of its imported sherries fell in May by 38% to HK$10,000.  

Hong Kong Top 5 Wine Imports for May 2021

Rank	Country	Value in 2021	Value in 2020	% Change
1	France	HK$467,290,000	HK$345,422,000	+35%
2	Australia	HK$221,496,000	HK$50,357,000	+340%
3	UK	HK$68,477,000	HK$61,488,000	+11%
4	Italy	HK$35,432,000	HK$30,332,000	+17%
5	USA	HK$28,839,000	HK$16,149,000	+79%

Source: Hong Kong Customs

Wine Categories May 2021

Wine Category	Value in 2021	Value in 2020	% Change
Red	HK$771,118,000	HK$484,132,000	+59%
Champagne	HK$69,996,000	HK$36,372,000	+92%
Port	HK$3,486,000	HK$1,776,000	+96%
White	HK$30,778,000	HK$21,070,000	+46%
Sherry	HK$10,000	HK$16,000	-38%

Source: Hong Kong Customs

Hong Kong Top 5 Wine Imports Jan-May 2021 vs. Jan-May 2020

Rank	Country	Value in 2021	Value in 2020	% Change
1	France	HK$2,687,983,000	HK$1,768,048,000	+52%
2	Australia	HK$725,747,000	HK$236,236,000	+207%
3	UK	HK$303,311,000	HK$244,955,000	+24%
4	USA	HK$156,391,000	HK$201,057,000	-22%
5	Italy	HK$125,016,000	HK$86,440,000	+45%

Source: Hong Kong Customs

 

 

 

https://asiawinenews.com/2021/06/hong-kong-imported-4-times-more-australian-wines-in-may/

[The_King]

China U turn. hahahhahha

 

always go to trade war that they cant win

[The_King]

[Coffee_O]

xia suay. want to be super power but always act like a fucking 3 yr old kid when things dun go their way.

[socrates469bc]

4 hours ago, The_King said:

SINGAPORE :China is releasing Australian coal from bonded storage, despite a nearly year-long unofficial import ban on the fuel, as it scrambles to ease a national power crunch stemming from a coal shortage, traders familiar with the matter said.

The power crisis in the world's top consumer of coal comes as strong demand from manufacturers, industry and households has pushed prices to record highs and triggered widespread curbs

An estimated one million tonnes of Australian coal have stayed in bonded warehouses along China's coast for months, uncleared by customs after Beijing's unofficial ban last October, a trading executive said.

"Some of the Australian coal stuck at Chinese ports started to be released at the end of last month...though many of those (cargoes) had already been diverted to markets like India," said the trader, based in eastern China.

A second trader said the release from bonded storage would start this week.

Top economic planner the National Development and Reform Commission did not immediately respond to a request for comment.

While China has urged top miners to boost output and told power operators to step up coal imports in "an orderly manner" so as to ease the supply squeeze, it has refrained from directly resuming imports from Australia, formerly its number two supplier after Indonesia

 

However, at one million tonnes, or the equivalent of just one day of China's coal imports, the stocks release will do little to quench the market's thirst for coal.

"Without resuming Australian coal imports, the supply shortage will be here to stay for some time, as it takes time to boost domestic production after nearly 5 years of output curbs," said a third Beijing-based trader.

"I am not optimistic. The shortage will last at least through the fourth quarter and possibly till after February or March, when the heating season ends."

Exports from other key suppliers, such as Russia and Mongolia, have been curtailed by limited rail capacity, while shipments from Indonesia have been hindered by rainy weather, traders said.

That has led utility operators such as eastern China's Zhejiang Energy to bring in the first thermal coal imports from Kazakhstan on Monday, following its first imports of U.S. thermal coal in June and July.

 

China imported 197.69 million tonnes in the first eight months of 2021, down 10per cent on the year. But August coal imports rose by more than a third on tight domestic supplies.

To ease the supply strain, China State Railway Group pledged on Tuesday to allot more freight capacity to ensure coal inventories sufficient for 14.4 days of use at 363 power plants with direct rail access, state media said.

(Additional reporting by Melanie Burton in Melbourne and Huang Binbin in Beijing; Editing by Clarence Fernandez)

Source: Reuters

 

Just now, Coffee_O said:

xia suay. want to be super power but always act like a fucking 3 yr old kid when things dun go their way.

 

if the leader of a country is even afraid of a cartoon bear, how confident do u think the leader is??????