been king in Australia ever since British colonists first spotted the black stuff in coastal cliffs north of Sydney in the 1790s. Its grand epoch may finally be fading. China, Australia’s second-biggest coal customer, after Japan, was reported on February 21st to have imposed delays on coal imports from Australia at the northern port of Dalian, but not on those from other countries.
Coal is forecast to be Australia’s top export by value this year and the industry’s most immediate concern is the status of shipments to China. The delay on shipments has left Australian officials scrambling for explanations. Some recent Australian political decisions affecting China have displeased Beijing.
In the long term Australia’s coal industry may see a bifurcation, as exports rise for coking coal, which is crucial for the production of steel, and slump for thermal coal. Already, banks are limiting the amount of finance they make available for coal projects.
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