In a note to clients, Macquarie said coal stockpiles at China's Qinhuangdao port plunged to just over 4 million tonnes this week, down by over 45% from 7.7Mt at the start of March.
Macquarie said the stock decline supported thermal coal prices of around $US74 a tonne excluding tax, well over Newcastle prices, which were last at $60.79/t.
The investment bank also noted a 1.7% increase this week for China’s coastal coal freight index, some 14.4% higher than the February trough.
Macquarie said it was indicating stronger coal demand in the nation’s southern coastal provinces as electricity demand stabilised.
Looking at preliminary data on Australian ports released by McCloskey, Macquarie said coal shipments in the first three months of this year were at the rate of 238Mt per annum, 10.2% down from 265Mtpa in the December quarter and 1.25% down from 241Mtpa for the same period in 2008.
The bank said Queensland ports had the biggest falls, with Dalrymple Bay Coal Terminal falling 18% year-on-year and 26% from the last quarter, while Gladstone was down 4% year-on-year and 13% on the previous three months.
Both the ports provide metallurgical and thermal coal shipments, and declines in Queensland’s metallurgical coal exports had been reported earlier in the year.
