Aluminum price soars as China cancels tax incentive on exports
The export tax rebate was also removed for copper and lowered for some refined oil, solar, battery and non-metallic mineral products.
Almost a third of the new coal mines planned for the world are in China, all but guaranteeing that output will keep rising in the top producer, even as calls grow for the dirtiest fossil fuel to be phased out to avoid the worst effects of climate change.
Based on data from Global Energy Monitor, China had 559 million tons of proposed new coal mines at the start of the year, accounting for 29% of the global total, according to a note from Bloomberg Intelligence. Australia was second with a 17% share, then India and Russia with 16% each. Still, the 1.94 billion tons of new mines planned around the world is 15% less than a year ago.
China mined 4.01 billion tons of coal in 2021, a figure that will only increase after production was ramped up to record levels to prevent a repeat of the power crisis that crippled the economy last year.
The daily coal output target was raised to 12.5 million tons in August, implying annualized production of 4.56 billion tons, BI said. While the spot price should remain resilient as miners prioritize shipments to term-contract customers, imports are likely to come under even more pressure.
Comments
Srishailam Srinivas
I can’t understand why Australia ? is hell vent on stopping new coal and gas projects when China and India are going ahead with hundreds of new projects . We will lose thousands of jobs . ? Needs to concentrate on recycling solar ? which are piling up.