China’s fourth leading coal producer is set to bid for Queensland coal miner, Felix Resources. The potential deal is the leading involving an Australian firm and a Chinese state-owned company since Chinalco’s failed bid to double its stake in Rio Tinto. For full story, click here
Chinese coal miners, led by China Shenhua Energy Co have sold more than half of a government quota for the fuel as of the end of May at higher prices after demand improved. For full story, click here
RBC Capital Markets declared that the report of cancellation by a Chinese purchaser of an Australian coal cargo during shipment may not signal a slump in demand from power plant operators in the Asian nation. For full story, click here
The figures are daunting. Coal demand in the international market has been waning. International coal prices have been lingering at a low track from March to May, and statistics from China's customs shows that China's import of coal in May reached 9.43 million tonnes surging by 133.1 per cent year-on-year, which is also the highest level ever. But there are rays of hope elsewhere. Western Australia's miners have recorded their fifth consecutive month of growth, and UAE's Coal & Oil Group is planning to invest around $300 million to buy new ships and to acquire coal mines.
Japanese utilities have agreed 2009 thermal coal contracts with Chinese producers at $78.50 a tonne, dip about 46 percent from a year ago but above initial asking prices from China. For full story, click here
Chinese steel companies have raised steel production this year, due to the Government’s 4 trillion yuan stimulus package for construction of housing, roads and railroads. Shane Stephan, chief development officer, officer: The metallurgical coal market is showing tentative signs of recovery with renewed customer interest. For full story, click here
Yanzhou Coal Mining, a Chinese coal producer declared that its Q1 net profit has been down by 48.5%. For full story, click here
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