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Old April 12th, 2017, 05:01 PM   #1
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China rejects North Korean coal shipments, opts for US supplies instead

China rejects North Korean coal shipments, opts for US supplies instead


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China has sent a flotilla of North Korean freighters loaded with coking coal back to their home ports, according to an exclusive Reuters report. Meanwhile, China has placed massive orders for the steel-making commodity from U.S. producers.

Information on the Thomson Reuters Eikon financial information and analytics platform revealed that 12 freighters were returning to North Korea.

Reuters attributed news of China’s rejecting North Korean coal to a trading source at Dandong Chengtai Trade Co., which is the biggest buyer of North Korea's coal.

...

As it halts imports of North Korean coal, China is increasing the amount of coal it buys from U.S. producers, Reuters said.

Buying U.S. coking coal marks a U-turn for China: No U.S. coking coal was exported to China between late 2014 and 2016. By February, coal shipments from the U.S. to China amounted to more than 400,000 tons.

Global coal supplies have tightened recently, partly as a result of China forcing domestic producers to cut output and a cyclone curbing Australian coal shipments. The effect of the tightened coal supply has driven the price of premium coking coal to three times the level it was just one year ago.


China rejects North Korean coal shipments, opts for US supplies instead | Fox News


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Old April 12th, 2017, 06:50 PM   #2
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