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Global coal roundup: US exports flat in Q2, China output slips in July

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Global coal roundup: US exports flat in Q2, China output slips in July

U.S. coal exports in the second quarter were roughly flat compared to the prior quarter while dropping 18.1% compared to the second quarter of 2018. About 23.2 million tonnes of coal were shipped from U.S. ports during the period, compared to 23.0 million tonnes in the prior quarter and down significantly from 28.3 million tonnes of coal exports in the second quarter of 2018.

Asia

China: Financial institutions in China provided at least a billion dollars in "green financing" to coal-related projects in the first half of 2019, according to a Reuters report, citing a review of financial data. Relying on data provided by Shanghai-based financial data provider Wind, Reuters reported that about $1.1 billion in green bonds were issued to 13 coal projects during the first six months of the year.

* China's coal output slipped in July, declining from June highs even while demand for electricity climbed in response to hot summer weather. According to a Reuters report, Chinese miners produced 322.2 million tonnes in July, a 3.3% decline from June, though significantly more than the 281.5 million tonnes of coal produced in July 2018.

* China's coal mine safety regulator said a new phase of safety inspections for mines all over the country will last from late August to the end of September, Reuters reported Aug. 14, citing the National Coal Mine Safety Administration. The inspections were prompted by safety concerns after multiple fatal accidents, mainly at small coal mines. The inspectors are planning to crack down on illegal production and ask miners to prepare for major disasters such as gas explosions and floods.

India: Coal India Ltd. announced the addition of 6.60 billion tonnes to its proven reserves during 2018-2019, according to a report by The Economic Times. The increase was considerably higher than in recent years.

Indonesia: PTT Global Management Co. Ltd subsidiary Sakari Resources Ltd. acquired 100% of the common shares of Indonesian coal mining firms PT Sentika Mitra Persada and PT Multiara Kapuas for around $11.7 million. The acquisition was made through Sakari Resources' subsidiaries. In a letter to the Thailand Stock Exchange dated Aug. 19, parent firm PTT PCL said the deal aims to replenish Sakari Resources' depleting coal reserves and improve its quality adjustment capability with coal production from existing mines to meet customers' requirements.

Australia:

* After a retreat in the third quarter, the National Australia Bank forecasts a modest recovery in Newcastle thermal coal prices through to July 2020 to September 2020, according to a Platts report. According to the report, the bank expects FOB Newcastle price basis 6,000 kcal/kg net as received NAR to average $68 per million tonnes over July 2020 to September 2020, down from $78/Mt in the previous quarter, then rise steadily to average $78/Mt FOB Newcastle over July 2020 to September 2020.

* Driven largely by its coal industry, Australia is now the world's third-largest exporter of fossil fuels, ranking behind Russia and Saudi Arabia, according to a report by an Australian think tank. While the higher-ranked countries largely rely on their crude oil and gas industries, the overwhelming majority of Australia's fossil fuel exports come from coal production.

* Australian Pacific Coal Ltd. will explore options for the Dartbrook coal mine in New South Wales, Australia, after authorities denied the company's application to add five years to the mine life. The company plans to restart operations at the mine, which it acquired from Anglo American PLC and Marubeni Coal Pty Ltd. in May 2017.

S&P Global Platts and S&P Global Market Intelligence are owned by S&P Global Inc.

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