China Removes Remaining Barriers from Unofficial Trade War on Australian Coal

China, desperate to kick start their economy and improve civil harmony has quietly removed trade restrictions imposed in late 2020 on Australian coal imports. Earlier this year Chinese authorities gave four major importers permission to resume purchases of Australian coal, which began shipping in January. Bloomberg reports that China’s ports and customs offices have been told to allow all domestic companies to import Australian coal, according to people familiar with the decision, who asked not to be identified because the … Continue reading “China Removes Remaining Barriers from Unofficial Trade War on Australian Coal”

China to Boost Domestic Coal Production to Ensure Energy Security

China, the world’s largest coal consumer and producer, announced that it would boost domestic production to ensure its energy security. Newcastle thermal coal futures fell more than $US70 a tonne to $US335 a tonne on Friday night for the October ICE contract. China has been hard by its ill-thought-out trade war with Australia which put them behind the queue as record prices for top quality Australian hard coking coal were set regularly in June the price hit $US430 (AUD$595) a … Continue reading “China to Boost Domestic Coal Production to Ensure Energy Security”

US Share of Electricity Generation from Coal to Decline Further Despite Soaring Natural Gas Prices EIA Forecasts

The EIA in their June STEO expect the continued retirement of coal-fired generating capacity in the United States to see the share of electricity generation from coal to decline from 23% in 2021 to 21% in 2022 and to 20% in 2023. Despite surging natural gas prices constraints include limited rail capacity for fuel delivery, low coal stocks at power plants, reduced coal mining capacity, and rising generation from renewable sources. Coal prices have risen unabated with supply chain disruptions globally.   The EIA … Continue reading “US Share of Electricity Generation from Coal to Decline Further Despite Soaring Natural Gas Prices EIA Forecasts”

Australian Coking Coal Record High with Strong Demand in Korea and Japan

Record prices for top quality Australian hard coking coal were set three times in the past week. The price hit $US430 ($595) a tonne Wednesday, almost four times the price in May. Coal prices have risen unabated with supply chain disruptions. Strong demand in Korea and Japan has fueled the rally over the past seven weeks. The prices were already pressured with Indonesia’s decision to ban coal exports. Further pressure on coal prices came from BHP, the world’s biggest coking … Continue reading “Australian Coking Coal Record High with Strong Demand in Korea and Japan”

US Coal Generation Increased For The First Time Since 2014 Due To Soaring Natural Gas Prices

The EIA in their STEO expect 22% more U.S.Coal Fired Generation in 2021 over 2020. The increase is from soaring higher natural gas prices. While Coal prices have risen unabatted with supply chain disruptions globally there have risen less than gas in the US.

Record High Chinese Coal Futures Prices After Biggest Coal Producing Region Floods

Coal prices have risen unabated with supply chain disruptions, China has been particularly badly hit and that just got more critical. Floods closed 60 of the 682 coal mines in Shanxi province, 30% of China’s production.   Torrential rains has led to flooding and expanded mine shutdowns in China’s biggest coal producing region, Shanxi province. In a market already squeezing higher this latest news sent Thermal coal futures to a new intraday record after trading opened Monday. Beijing is ina … Continue reading “Record High Chinese Coal Futures Prices After Biggest Coal Producing Region Floods”

Glencore Ebitda Soared as Coal Prices Have Tripled Since August 2020

Coal prices have soared with supply chain disruptions, the Chinese trade war with Australia and material shortages. By September 2021 thermal coal price have tripled from a year ago seeing Glencore’s ebitda run rate soar with prices.

Glencore Takes 20% of Cobalt Off The Market To Arrest Price Collapse

Glencore PLC is closing its Mutanda mine in Congo, one of its largest copper and cobalt mines. Cobalt hit a peak of near $40 a pound in late 2017 and is now trading at around $12.50 a pound as trade war between U.S. and China hit commodity prices.

Resource Companies To Pay For Environment Rehabilitation In Australia

The Australian state of Queensland will unveil proposed resource regulations and an “insurance fund” to pay for the remediation of old mines. The aim is for resource companies, not taxpayers, to pay for the rehabilitation of the environment.

Glencore Restructures Congo Copper Miner Katanga for $5.6 Billion

Australian Swiss mining giant Glencore PLC announced a massive $5.6 billion restructuring of its troubled Congo copper company, Katanga Mining last week which resolved the fiery dispute with Congo’s state-run mining companies massive debt load.