China will not allow coal imports in small ports from July 1, state-owned China Securities Times reported Wednesday. This is likely to delay fuel supplies during the summer and support further price increases. Coking coal futures in China rose nearly 8 percent on Thursday.
The newspaper did not indicate the source of its information and the reasons for the ban. But China, the world's largest buyer of coal, is currently restricting fuel supplies to the country as part of efforts to tackle oversupply and smog.
According to the report, the ban will cover more than 150 L2 ports. But it does not include major ports such as Tianjin. Many second-tier ports are owned by power plants on the coast, and the ban could increase shipping and handling costs, said a trader from the port city of Rizhao.
China's campaign to tackle excess coal demand has resulted in the closure of many mines across the country, tightening fuel availability in the summer, when electricity demand usually peaks.
China to ban coal imports in small ports from 1 July
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Azovpromstal® 30 June 2017 г. 09:18 |
