Prices up for coal in first two months
Updated: 2008-04-24 15:44
BEIJING -- Prices for coal exports and imports rose in the first two months of 2008, amid tight supplies and strong demand on world markets and rising domestic regulatory costs.
The General Administration of Customs said on Thursday that China exported 8.75 million tonnes of coal for $630 million, up 13.5 percent and 39.7 percent, respectively, year-on-year.
Prices averaged $72.2 per tonne. For February only, exports were 3 million tonnes, down 32.1 percent.
Imports were 7.06 million tonnes, down 18.2 percent year-on-year. These shipments were valued at $450 million, up 13.1 percent. The average price was $63.3 per tonne. For February only, imports were 2.82 million tonnes, down 28.2 percent.
Customs said that supplies were short on world markets. The biggest exporter, Australia, was affected as its major export port, Queensland, was affected by a natural disaster in January and its fifth biggest supplier suspended exports. South Africa slashed exports to ensure domestic supplies.
Meanwhile, global steel production has expanded in recent years and driven up coal demand, particularly from Japan and the Republic of Korea (ROK).
In China, efforts to conserve energy and improve the environment have been stepped up for the coal sector. Also, the nation imposed a 5-percent export duty on some types of coal as of November 1, 2006. These policies have helped drive up export prices.
According to customs figures, state-owned enterprises took the lead in coal sales, with exports of 8.68 million tonnes in the January-February period, or 99.2 percent of the total. The private sector led the buying, with imports of 4.4 million tonnes, or 62.3 percent of the total.
During those two months, most of China's coal exports went to the ROK and Japan, while most imports came from members of the Association of Southeast Asian Nations.
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