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Beijing and Shanghai face blackouts in deepening power crunch
- Thread starter Froggy
- Start date
It was a mistake from the very beginning to let China join the WTO, but I guess the towkays wanted the cheap Tiong labour for sweatshop factories and a share of the 'massive China market'.
Now they're learning the hard way that by letting China join the WTO, all that does is bringing everyone else down to China's level. All that extra money earned from the past two decades by doing business with China... they are all going to be paid back with interest.
That's how the Chicoms roll.
The lives of Tiong peasants are not worth a spit.
If there's anything wrong, the propagandist media machinery will push the blame on ang mohs and external factors beyond one's control. Many of the brainwashed Tiongs will believe it.
Commodities
November 15, 20207:43 PMUpdated 10 months ago
Australian coal exports to China slump, but prices are mixed: Russell
By Clyde Russell5 Min Read
(The opinions expressed here are those of the author, a columnist for Reuters.)
FILE PHOTO: Coal is unloaded onto large piles at the Ulan Coal mines near the central New South Wales rural town of Mudgee in Australia, March 8, 2018. Picture taken March 8, 2018. REUTERS/David Gray
LAUNCESTON, Australia (Reuters) - China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in November. But something odd is happening with prices.
China imports two main types of coal from Australia, coking coal used to make steel and thermal coal, used predominantly to generate power, but which can also be used in industrial processes such as cement and ceramics.
As you may expect, the lower Chinese demand for coking coal has hit prices, with Singapore Exchange futures SCAFc1, which mirror free-on-board Australian prices, dropping to a four-year low of $104.86 a tonne on Friday.
This is down 25.1% from the recent peak of $140 a tonne on Oct. 5, hit just before reports started emerging of Chinese officials giving unofficial verbal instructions to traders and steel mills to halt purchases of Australian coal.
While Beijing has made no official comment on banning Australian coal imports, along with commodities such as copper ores, lobsters and barley, China has made clear its anger over Canberra’s call for an international probe of the origins and early response to the coronavirus pandemic.
Unlike coking coal, however, the price of benchmark Australian thermal coal at the main port of Newcastle has been moving in the opposite direction.
Newcastle coal futures traded on the ICE Exchange NCFMc1 closed at $63.25 a tonne on Friday, down slightly from the prior day's close of $62.30, which was the highest in seven months.
The contract has gained 30.4% since this year’s low of $48.50 on Sept. 7, and has also rallied about 7% since the start of November.
The Newcastle weekly index ARGMCCINDX=ARG, as assessed by commodity price reporting agency Argus, ended last week at $58.30 a tonne, also the highest since mid-April and about 26% above this year's low of $46.37 from the first week in September.
The question is why the price of Australian thermal coal should be rising amid an effective ban by China, especially since volumes appear to be plummeting.
Australia’s exports of both coking and thermal coal to China were 3.35 million tonnes in October, up slightly from September’s 3.31 million, but dramatically down from 12.33 million in June, the strongest month so far this year, according to vessel-tracking data compiled by Refinitiv.
The sharp drop in recent months appears likely to get worse in the current month, with just four vessels having loaded coal until now with China as a destination.
While the data only reflects the first half of November, it is worth noting that October saw 33 ships depart Australia for China, and the peak month of June saw 124 departures.
AUSTRALIA SURVIVING WITHOUT CHINA?
However, the shipping data also shows that Australia’s total exports have not been too badly affected, with October departures of 29.34 million tonnes only slightly below September’s 29.86 million and the 32.7 million from the peak month this year of June.This suggests that Australia has managed to find other customers for the coal that China is not taking, and indeed exports to India in the three months to October were the highest since April, with September’s figure of 5.97 million tonnes the highest in Refinitiv data going back to the start of 2015.
However, India’s coal imports from Australia are overwhelmingly coking coal and therefore should have little impact on the price of thermal coal.
Outside China, Australia’s major thermal coal customers are Japan and South Korea, which present a more positive picture for Australian coal miners.
Australia’s exports to Japan have picked up slightly in recent months, with October’s 8.3 million tonnes and September’s 8.45 million being the best since March.
Shipments to South Korea were 4.95 million tonnes in October, up from 4.24 million in September and the strongest since December last year.
Another factor is that China is having to scramble to source alternative supplies of thermal coal, and there are few countries that can easily step up and deliver coal of the same quality as Australia.
One of those is South Africa, where the price of thermal coal at the main export port of Richards Bay API4INDEX=ARG, has been rallying, ending at $67.09 a tonne for the week to Friday, up 17.5% from a recent low in mid-October.
The rising price of alternatives to Australia’s Newcastle has the effect of dragging up the price there as well, notwithstanding Chinese buyers’ withdrawal from the Australian market.
It is also likely that some global trading players have taken bullish positions in anticipation of Chinese traders trying to find alternatives to Australian cargoes.
Overall, what appears to be happening is that the thermal coal market is adjusting to the increased likelihood that China will buy less from Australia, and more from elsewhere, even if it ends up in higher prices for a period.
Editing by Clarence Fernandez
China restricted imports from Australia. Now Australia is selling elsewhere
Published Wed, Jun 2 202110:51 PM EDTUpdated Wed, Jun 2 202111:45 PM EDTWeizhen Tan@weizent
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Key Points
- Tensions between the two countries soared in recent months and deteriorated sharply after Australia supported a call for a global inquiry into China’s handling of Covid-19.
- China has since taken several measures restricting Australian imports.
- “Exports to China have predictably collapsed in the areas hit by sanctions, but most of this lost trade seems to have found other markets,” said Roland Rajah, lead economist at the Lowy Institute.
A bucket-wheel reclaimer stands next to a piles of coal at the Newcastle Coal Port, in Newcastle, New South Wales, Australia, on Oct. 12, 2020.
David Gray | Bloomberg | Getty Images
Wide restrictions that China slapped on Australian exports are not as damaging as it was feared they’d be, because Australia is finding new markets for its goods.
Tensions between the countries have soared in recent months, deteriorating sharply after Australia supported a call for a global inquiry into China’s early handling of Covid-19.
Beijing has since taken several measures restricting Australian imports, ranging from levying tariffs to imposing other bans and restrictions. That has affected Australian goods including barley, wine, beef, cotton and coal.
Collectively, the targeted exports were worth about $25 billion in 2019, or 1.3% of Australia’s gross domestic product, according to Australia-based Lowy Institute.
Australia is one of the few developed countries in the world that has enjoyed a trade surplus with China. With China being Australia’s largest trading partner, analysts expected Australia to be hit badly by the restrictions.
But those analysts now say Australia has managed to contain the damage by diverting many of its exports to other countries.
9nly way to do this is to cull 90% of the population like how Mao tried to do.
Now I hope these countries will learn and not allow China to join the CPTPP. China must never be allowed to because whenever they disagree on anything, they will always throw tantrums and retaliate by boycotting the goods from their disputing countries, just like when they asked their own Chinks to boycott Korean, Japaneese and Taiwanese products as happened in the past.It was a mistake from the very beginning to let China join the WTO, but I guess the towkays wanted the cheap Tiong labour for sweatshop factories and a share of the 'massive China market'.
Now they're learning the hard way that by letting China join the WTO, all that does is bringing everyone else down to China's level. All that extra money earned from the past two decades by doing business with China... they are all going to be paid back with interest.
Winnie is a fucking despicable loser leader. He should instead seek for ways to reconcile to reach an amicable solution, but he and his fucking bastard lapdog Wang Yi and that fucking bitch Hua ChunYing, had always and will always be too arrogant to do as such. Everyday, I pray for a natural disaster to wipe out half of its population. Only in this way, will they begin to learn to be humble again.
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Go fuck yrslf and fuck a tree...
69% wipeout will be more ideal.
This will be made worst by ChiCons land joining CPTPP..thank goodness the nips are against thr ChiCons on thisIt was a mistake from the very beginning to let China join the WTO, but I guess the towkays wanted the cheap Tiong labour for sweatshop factories and a share of the 'massive China market'.
Now they're learning the hard way that by letting China join the WTO, all that does is bringing everyone else down to China's level. All that extra money earned from the past two decades by doing business with China... they are all going to be paid back with interest.
This is not the first time xi jinping did this. He is the first to clean up china's pollution problem by eliminating taxis coal heaters and boilers during winter. Otherwise about this time 8 years ago, nothing can be seen in. Beijing due to smog.
Sexy voice, meh face, cogent points on the topic.
Wish have pornstar look like her dress like her with specs like her’s.
So wat is the alternative given to keep warm?
surround oneself with 69 chiobus with d cups.
They will b dressed up as its cold
those in the outer core can dress up with goose down. inner core all naked.
Will be increased further because of Green initiatives and lost of fuel tax income from EVs.
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