BEIJING/SINGAPORE - China’s coking and thermal coal markets are set to tighten over the remainder of 2020 as stringent import restrictions curb supply at a time of robust demand from heavy industry, and with the winter heating season about to kick in.
Australia supplied over 40% of China’s total coking coal imports in 2019, and about 57% of its thermal coal.Chinese authorities have since 2018 tried to curb coal imports using an unofficial quota system that caps purchases in an effort to support domestic miners. “China is unlikely to become self-sufficient in coking coal, as domestic coking coal is generally low quality,” said Jefferies analyst Christopher LaFemina in a note.
Analysts also expect more robust demand from heavy industry this winter as Beijing loosens emissions restrictions while it tries to spur economic growth.
That's what happens when you torpedo your own economy and kick off a worldwide disease psyop. Remember: hundreds of millions of Chinese peasants are subsistence farmers in poverty that still defecate in a hole outdoors.
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