MARKETS

Chinese thermal coal demand stalls

CHINESE thermal coal prices at the key port city of Qinhuangdao are reportedly at six-year lows.

Blair Price
Chinese thermal coal demand stalls

Yesterday Bloomberg reported that the benchmark price for Chinese power station coal with an energy content of 5500 kilocalories per kilogram was 495-505 yuan ($US79.90-81.50) per tonne last week, according to data from the China Coal Transport and Distribution Association.

“Prices, as of yesterday, are [the] lowest since December 2007,” the newswire reported on Monday.

Bloomberg further reported that coal stockpiles at Qinhuangdao were 7.15 million tonnes – down 192,000 tonnes since the previous week.

Amid this news China Coal Energy recently flagged that its first-half net income could fall by 65-75% year on year.

Meanwhile, Bloomberg reported that utility Korea Western Power had struck a deal for two 110,000t shipments of 6080kcal/kg Australian thermal coal at a price of just $US67/t free-on-board.

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