Business Maverick: China to host almost a third of the world’s new coal mines

Based on data from Global Energy Monitor, China had 559 million tons of proposed new coal mines at the start of the year, accounting for 29% of the global total, according to a note from Bloomberg Intelligence. Australia was second with a 17% share, then India and Russia with 16% each. Still, the 1.94 billion tons of new mines planned around the world is 15% less than a year ago.

China mined 4.01 billion tons of coal in 2021, a figure that will only increase after production was ramped up to record levels to prevent a repeat of the power crisis that crippled the economy last year. The daily coal output target was raised to 12.5 million tons in August, implying annualised production of 4.56 billion tons, BI said. While the spot price should remain resilient as miners prioritise shipments to term-contract customers, imports are likely to come under even more pressure.

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International Finance: Deflation looms in China amid property crisis, survey showsCompanies reported the weakest growth in sales prices since the last quarter of 2020 in the three months through September, according to indexes compiled by China Beige Book International in a report published on Tuesday. That’s despite wages and input costs picking up slightly from the previous quarter.
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