China’s slumping economy to cut coal use even as output swells
China’s demand for thermal coal is likely to keep falling through the rest of the first half, as virus restrictions continue to mire the economy in a deep slump.
BHP says Chinese coal customers have made deferment requests; Newcrest approves Cadia’s expansion; Newmont CEO not interested in returning to Rio Tinto.
Chairman Ken MacKenzie confirmed information after reports that China had put a freeze on accepting Australian coal amid trade tensions between the two countries.
Ties between the two have been severely strained on a political level by Canberra’s call for an international investigation into the novel coronavirus pandemic.