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Global coal roundup: China thermal imports up; BHP eyes coal exit

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Global coal roundup: China thermal imports up; BHP eyes coal exit

Asia

China: China announced Aug. 23 that it will hit back at the U.S. with additional import duties from the country in retaliation against U.S. President Donald Trump's announcement of new tariffs. The country's State Council Tariff Commission will impose 5% to 10% tariffs on about $75 billion of U.S. imports in two batches, effective Sept. 1 and Dec. 15, paralleling the dates set by the U.S. to impose latest tariffs on $300 billion of Chinese imports.

* China's July thermal coal imports, including lignite, jumped 20% to 24.4 million tonnes, from 20.4 million tonnes a year ago, according to China customs data released Aug. 25. China's thermal coal import volume was up by about 23% from 19.8 million tonnes in June, the data showed. In July, coking coal import volume was 7.8 million tonnes, up 18% month on month.

* China Shenhua Energy Co. Ltd.'s attributable net profit in the first half slipped 1.1% to 24.24 billion Chinese yuan, or 1.22 yuan per share, from the year-ago 24.52 billion yuan, or 1.23 yuan per share. The company had flagged a 1% decrease in earnings due to lower coal sales and an increase in production costs of self-produced coal that weighed on its results.

Bangladesh: Seaborne thermal coal demand is set to grow in the near to medium term in South Asia as Bangladesh and Pakistan add more coal-fired power plants to cater to their growing populations. The first shipment of about 20,000 tonnes of Indonesian 5,050 kcal/kg GAR-grade thermal coal is expected to arrive in the first two weeks of September for a new coal-fired power plant in Bangladesh, a source familiar with the matter said.

Australia

Australia-based BHP Group is weighing the possibility of selling off its coal assets as investors signal a more environmentally minded focus, according to a report in the Nikkei Asian Review. Citing comments from CEO Andrew Mackenzie, the report said the company had "concluded that this is not a business that is going to offer the prospects for growth and would compete for capital ... compared to our other businesses." The company owns the Mount Arthur thermal coal mine in Australia and the Cerrejon facility in Colombia.

Africa

South Africa: South32 Ltd.'s shares were down 5% in early afternoon trading Aug. 22 on the ASX as the company recorded a 71% drop in net profit in fiscal 2019 to US$389 million, or 7.6 U.S. cents per share. The drop was mainly attributed to a US$578 million posttax impairment charge related to its South Africa Energy Coal operation, which the company plans to divest.

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