Coking coal imports by China, the world’s biggest steelmaker, will exceed 30 million metric tons this year as domestic supplies can’t keep pace with demand from mills; so said Teck Resources Ltd, CEO Don Lindsay at a conference in Singapore.
With Chinese steel output continuing to rise, demand for coking coal will also increase. China’s coking coal imports rose five-fold in 2009 from 6.85 million tons to 34.4 million tons after the government closed smaller coal mines in the wake of a number of high-profile mining accidents.
“China is hungry for commodities on an unprecedented scale,” said Mr Lindsay. “Domestic supply of high-quality coking coal required will not be able to keep pace with steel production growth.”
Teck Resources is the second-largest seaborne shipper of coal and wants to boost coking coal output by 50 percent within five years, Mr Lindsay said.
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