Steel Cutbacks See China Return to Coking Coal Exports

Friday, 10 June 2011 17:25

China has become a net exporter of seaborne coking coal for the first time since the global financial crisis, as prices of the steelmaking fuel surge in the wake of the Queensland floods and the Chinese curb steel production. According to The Australian, Chinese trade data cited by Macquarie analysts, China became a net exporter of coking coal and coke in March for the first time since late 2008. Macquarie said China March trade data showed it had been exporting at a net annualized rate of 10.9 million metric tons of coking coal and coke. Coking coal prices at Queensland ports have shot up from about US$200/mt before heavy rains hit the world biggest coking coal exporting region over summer to about US$330/mt now.