Indonesian coal miners see robust and undeterred Chinese demand
Jason G. Wulterkens (June 7th, 2009) Writes:
PT Adaro Energy, Indonesia’s no. 2 coal miner (behind PT Bumi Resources Tbk, which by contrast will send 8 million tons to China this year), stated recently that it had already contracted much of its increase sales to China of 3.5 million tons in 2009–up from roughly 2 million tons last year–while reiterating that Chinese demand for overseas thermal coal would remain “robust”. China imported over 11.5 million tons of Indonesian coal last year–more than a quarter of its total. Australian coal prices on the globalCOAL Newcastle index, a benchmark for Asia, ended Friday at $74.31/ton, while port coal prices at China’s top coal port Qinhuangdao remain around $92 a ton. “As long as there is a difference between domestic and import prices, China will still be buying coal from overseas,” commented Apimuk Taifayongvichit, chief marketing and logistics planner at PT Indo Tambangraya Megah, the Indonesian unit of
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