This is from the 'AFR' online, and will be in print tomorrow.
Original source appears to be Reuters:
"A Chinese firm has placed an order to import Australian coal, providing clear evidence of the lifting of an unofficial ban imposed more than two years ago and potentially paving the way for a broader thawing of trade relations between the two nations...Once trade resumes volumes are expected to be limited, especially in the thermal coal market, described as “drum-tight” by one market observer, and Australian miners having found other markets for their product....The four comprise one buyer of metallurgical coal for steel production, China Baowu Steel Group, and three buyers of thermal coal for power generation: China Datang Corp, China Huaneng Group and China Energy Investment Corp....Wood Mackenzie analyst Rory Simington said the limited arbitrage between Chinese domestic and Australian coal prices could slow the resumption of the trade. He noted that the delivered cost for Australian high-ash thermal coal, at $US150 per tonne, is almost the same as the Chinese domestic price, while Australian coking coal only enjoys an advantage of $US10-$US15 a tonne, which he said “may not be large enough to attract end users”...
...The four comprise one buyer of metallurgical coal for steel production, China Baowu Steel Group, and three buyers of thermal coal for power generation: China Datang Corp, China Huaneng Group and China Energy Investment Corp.The specific nature of the report has fuelled confidence in the information, in contrast to previous similar rumours of a looming thawing of the ban which did not eventuate..."
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