European 2014 Coal Declines to Record as China Demand May Drop
European coal for 2014 fell to a record as Deutsche Bank AG said China’s anti-pollution efforts may turn the country into a net exporter of the fuel in 2015.
Thermal coal for delivery in 2014 to Amsterdam, Rotterdam or Antwerp fell $1.05, or 1.1 percent, to $97.10 a metric ton at 5:40 p.m. in London, according to broker data compiled by Bloomberg. That’s the lowest since at least January 2010, when Bloomberg started to track the contract.
China’s push to improve air quality may mean it reduces coal consumption for power, changes transport policies and boosts clean energy investment, Michael Hsueh, a Deutsche Bank analyst in London, said in an e-mailed note. That may cut coal imports to 52 million metric tons in 2014 from 174 million tons last year. China may export a net 43 million tons in 2015.
Bloomberg tracks broker data from ICAP Plc, GFI Group Inc., Marex Spectron Group Ltd., Credit Suisse Group AG, IHS McCloskey, Tradition Financial Services and Tullett Prebon Plc.
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