By Ilya Khrennikov
Sept. 23 (Bloomberg) -- China, the world’s largest coal user and producer, will remain an importer of the fuel through next year, according to Gerald McCloskey, a founder of the McCloskey Group Ltd. research company.
China imported 11.8 million metric tons of coking coal last month, down 15 percent from July, customs office data yesterday showed. Imports were a record 16.1 million tons in June, according to McCloskey.
“China is unlikely to become self-sufficient on coking coal” in the second half of this year or next year, McCloskey said in an interview in St. Petersburg today. “We see a certain slowdown, but China will continue to import sufficient amounts of coking coal.”
The spot price for Australian coal shipped to China may rise to $200 a ton in the next few months from $175 a ton this month, McCloskey said, citing a survey of Australian producers.
“It provides good opportunities for Russian coking coal producers who have one of the highest costs in the industry,” McCloskey said.
To contact the reporter on this story: Ilya Khrennikov in St. Petersburg at ikhrennikov@bloomberg.net
Last Updated: September 23, 2009 10:01 EDT
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