Coal price soared to the highest level after China raises imports
Global coal price soared to its highest level in 17 months after China decide to raise imports. The September contract price at the Rotterdam exchange stood at US$62.65 per ton, the highest since March 2015. In June, China raised its imports by 21.75 million tons, the highest since December 2014. In the first semester of this year, China’s coal import volume reached 108 million tons or growing 8.2 percent year on year. With that, the year-to-date coal price increase has reached 45.02 percent. In addition, other producing countries like Australia, Indonesia, and Colombia has begun lowering their coal outputs. Nevertheless, coal prices are still prone to correction as there are projections that the Federal Reserve will raise interest rates in quarter four. To cope with weak prices, the Indonesian Energy and Mineral Resources Ministry plans to release a moratorium on coal mining.
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Source: The Insiderstories