Thursday, September 28, 2023
HomeHeadlinesChina Lifts Unofficial Ban on Australian Coal

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

China Lifts Unofficial Ban on Australian Coal

China will allow all domestic companies to import Australian coal, signaling an end to trade restrictions imposed in late 2020.

Ports and customs offices have been told to allow the cargoes, according to people familiar with the decision, who asked not to be identified because the information isn’t public. Earlier this year, authorities gave four major importers permission to resume purchases of Australian coal, which began shipping in January.

The National Development and Reform Commission, China’s economic planning agency, didn’t immediately respond to a request for comment.

High-quality Australian coal is much sought after by China’s steelmakers and power plants. Imports could reach 1 million tons in the first half of March alone, according to China’s top coal lobbying group. China is the world’s biggest producer and consumer and its imports of the fuel exceeded 290 million tons last year.

Major Consumer

Australian coal mining stocks, including Yancoal Australia Ltd. and New Hope Corp., narrowed losses after the news. Chinese coking coal futures extended declines.

China had been a major consumer of Australian coal before implementing its unofficial ban as political hostilities escalated between the two countries. Australian leaders have said ending the ban would be a key step in restoring ties between the nations.

The thaw in relations between the two countries comes as a welcome development for Australian exporters of other commodities hit by a raft of restrictions, including lobster, beef, barley and wine.

Australian lobster exporters aren’t seeing the same obstacles from Chinese authorities that were previously in place, Australia’s Agriculture Minister Murray Watt said at a conference in Canberra last week. And there are early signs that impediments to beef and dairy shippers are also beginning to ease, he said.

[Bloomberg]

Related Posts

Video

Finance & Economy
Shipping News
Ports

Star Bulk Announces the Repurchase of 10 Million of Its Common Shares

Star Bulk announced that it entered into a Repurchase Agreement (with OCM XL Holdings, LP, a limited partnership incorporated in the Cayman Islands, pursuant...

Trafigura announces executive leadership changes

Trafigura Group Pte Ltd. has announced an evolution of its executive team to further strengthen leadership and focus across its global activities during a...

Woori, HMM, KOBC to buy Polaris in prospective $448 mln deal – report

Polaris Shipping Co. is poised to sell its entire stake at around 600 billion won ($447.5 million) to Woori Private Equity Asset Management Co....

Pyxis Tankers Announces Closing of Ultramax JV Investment

Pyxis Tankers, an international shipping company, reported that on September 14, 2023, the Company closed on its previously announced newly formed drybulk joint venture...

Korea’s STX denies rumor that it is backed by Chinese fund

South Korean general trading company STX Corp. has said its largest shareholder is a local investment firm, while refuting the false reports appearing through...

Baltic index scales 11-month peak on strong capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Baltic index scales over 9-month high on capesize surge

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Baltic index rises to over 4-month high on stronger capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Houston-Japan VLGC freight rates reach multi-year high

VLGC freight rates from Houston to Chiba, Japan, reached $245/mt Sept. 21 for the...

Baltic index snaps 11-session rally as rates for larger vessels ease

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Drewry: Port Throughput Index Down 2.1% in July

The Global Container Port Throughput Index fell 2.1% MoM in July 2023, with the small rises recorded in Africa and Oceania having been insufficient...

Vopak: Agreement with Infracapital on sale of Rotterdam chemical terminals

Vopak announces that it has reached an agreement with Infracapital on the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven)...

Port Hedland Iron Ore Exports Edge Up 4% in August

Pilbara Ports Authority has delivered a total monthly throughput of 62.8 million tonnes (Mt) for August 2023, consistent with the August 2022 throughput. The Port...

Thessaloniki, Gdańsk ports to explore synergies

Thessaloniki Port Authority S.A is expanding its role as a port of international importance through a new cooperation with the Port of Gdańsk Authority...

Hapag-Lloyd CEO: Counteroffer for HHLA would not be in our interest

Hapag-Lloyd CEO Rolf Habben Jansen said on Thursday that it would not be in the container shipper’s interest to make an offer for HHLA...