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Peabody Energy Corp. Message Board

  • junkyarddogbarking junkyarddogbarking Sep 2, 2013 8:57 AM Flag

    China just announced new restirctions on coal use

    Bloomberg article has all the details. China wants to drastically cut the use of coal by 2017. New 3% tariffs on imported coal also enacted.

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    • resp17zx@myfrontiermail.com resp17zx Sep 2, 2013 11:02 AM Flag

      Negative implications only for low grade coal producers. A positive for high grade exporters such as Peabody.

      Sentiment: Buy

      • 1 Reply to resp17zx
      • Spot on, resp17zx.

        From The Global Times:

        "China announced Monday a 3 percent tax on imports of steam coal with low calorific value but is yet to spell out details of its applicability, leading to uncertainty whether shipments from top low-grade supplier Indonesia will be subjected to the tariffs.

        "Indonesia is the biggest seller to China of lignite, a form of low-grade coal, with its shipments accounting for 97 percent of China's total lignite imports in 2013 up to end of July.

        "Moves by China, the world's top coal buyer, to slap an import tariff on lignite may dent sales of Indonesian miners such as Bumi Resources and Adaro Energy and could spark defaults of existing contracts.

        "China's State Council, the country's cabinet, last week approved a plan to implement a 3 percent tariff on lignite imported from countries under the most-favored nation trade status, the Ministry of Finance said in a statement.

        "Lignite previously enjoyed zero import tariff."

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