Antinuclear

Australian news, and some related international items

As China’s summer hots up, its desire for Australia’s coal cools down

China cancels thermal coal contracts  http://www.abc.net.au/rural/news/content/201206/s3515966.htm By Caitlyn Gribbin, 01/06/2012 Australian coal producers may be considering closing their mines because Chinese buyers are defaulting on thermal coal contracts. China, the biggest user of coal, wants a lower price for the commodity
and an analyst says until that’s negotiated, Australian thermal coal exporters won’t be able to sell their product.

James O’Connell from Platts Coal Report says Australian miners will have to make some tough decisions.
“In the next couple of months there’s definitely a possibility that if there’s not a hot summer in China, if coal burn goes down, their stockpiles are going to kick in, the exports from the United States are going to hurt Australian producers.
“They’re going to be in a position where they might have to consider closing down mines or at least temporary shut downs. “In Australia, that’s an absolute possibility.”

June 2, 2012 - Posted by | AUSTRALIA - NATIONAL, business

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: