China's coal shipments slump
Published by Joseph Green,
Editor
World Coal,
Amid an inactive economy, China’s coal imports plunged and shipments of other commodities generally eased in comparison with the stage last year.
China's exports fell 6.4% for the month, while imports toppled by a deeper-than-expected 16.2%, providing further evidence that Beijing will quickly roll out more stimulus to avert a sharper economic slowdown.
China’s coal imports fell 26% from a year ago, extending a sharp scaleback in quarter one due to weak demand, sufficient domestic supplies and tighter environmental controls.
"Demand for thermal coal is terribly weak, while domestic supplies are plentiful," said a Beijing-based coal trader.
Thermal power generation, largely fired by coal, dropped almost 4% in the first quarter of the year, as China’s economy shifted away from energy-guzzling sectors and boosted cleaner fuels such as hydro, nuclear and wind.
Edited from source by Joseph Green
Source: Reuters
Read the article online at: https://www.worldcoal.com/coal/08052015/china-coal-shipments-slump/
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