Desperate China backflips on Australian coal

Desperate China backflips on Australian coal

From news.com.au

China, caught in the grips of a power crunch, has begun unloading Australian coal shipments despite an unofficial import ban. Extreme weather, a surge in demand and strict orders from Beijing to reduce carbon emissions have sparked an electricity crisis in China. Aluminium smelters, textiles producers and soybean processing plants were ordered to slow activity or shut altogether last week as soaring demand pushed electricity prices to record highs. More than a dozen provinces and regions have been forced to impose curbs on energy usage in recent months. And China’s thermal coal inventory – which is used to ... (full story)

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Post #1
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Oct 7, 2021 2:32am Oct 7, 2021 2:32am

jordanvic
| Joined Jul 2020 | Status: Bro | 386 Comments

awww

Post #2
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Oct 7, 2021 8:01am Oct 7, 2021 8:01am

aquavox
Joined Nov 2012 | Status: Member | 511 Comments

..."And China’s thermal coal inventory – which is used to generate electricity – is at a record low...."
I am not sure i believe this ?
China has been stockpiling NZ Coal for the past number of years , dumping it into huge reservoirs for future use. ( i know this firsthand from NZ bulk transporters ) and it is most likely they were doing the same with the Aussie imports.

Post #3
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Oct 7, 2021 9:18am Oct 7, 2021 9:18am

fxsport
Joined Jul 2007 | Status: Member | 2,473 Comments

This demonstrates the process of unintended consequences:

China jumps on the green bandwagon and decides no more coal or fossil fuels

The problem is there isn't enough wind/solar/gas etc., to replace the fossil fuels!

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Posted: Oct 6, 2021 11:59pm
Submitted by:
Newsstand

Category: Fundamental Analysis

Comments: 3 / Views: 2,996