The Sydney Morning Herald reported that although the third quarter of 2013 was the worst in four years for Asian coal prices, they are now set to rally on the back of strengthening Chinese demand and Australian coal production cuts.
Articles Tagged "China"
OilPrice.com reported that according to a recent report from Wood Mackenzie, coal is poised to overtake oil to become the world's main source of energy by 2020. The prediction is based on the idea that coal will "satisfy almost half of power demand growth" in China over the next eight years.
On Saturday, Xinhuanet reported that the State Council, China's cabinet, plans to close 2,000 small coal mines by the end of 2015. The move is reportedly an attempt to improve the country's "alarming safety record."
Reuters reported that by the end of the year, China plans to replace four Beijing-based, coal-burning heating plants with ones that are powered by natural gas. The move is part of the country's efforts to reduce pollution.
Reuters reported that according to the Bureau of Resources and Energy Economics, Australia is set to export 192 million tonnes of thermal coal from 2013 to 2014, a 6-percent increase. In the five years following that time, the country's exports of the fuel are expected to rise at an average rate of 8 percent.
Reuters reported that traders and investors have embraced China's first coal futures contract, which debuted today. It emerged as "one of the most heavily traded contracts on the Zhengzhou Commodity Exchange."
At the Coal Association of Canada's 2013 conference, Milton Catelin, chief executive of the World Coal Association, explained why he's glad coal is set to remain a key part of the world's energy mix.
The World Resources Institute reported that more than half of proposed coal-fired power plants in China are set to be constructed in areas of "high or extremely high water stress," meaning that they could threaten water security for farms, communities and other industries.
There's no time like the present to get involved in the coal sector.
The Financial Times reported that weaker Chinese demand for Australian coal is having wide-reaching consequences for Australia's economy — unfortunately, they are largely negative.