After riding China’s demand train for nearly two decades, Asia’s coal industry is looking to a future of smaller markets and slimmer pickings, as buying declines in the world’s second-biggest economy and climate change concerns blunt demand.
Freeport-McMoRan Inc said on Monday it expects to report a loss in the second quarter, hit by lower gold production, weaker copper prices and higher costs, sending the U.S. miner’s shares down nearly 6%.
A Panama-flagged vessel suspected of carrying North Korean coal appeared Tuesday to be returning to Indonesia, from where it had departed, after being refused port entry and drifting in the sea for over a month.
The Indonesian Coal Mining Association and China National Coal Association have signed a memorandum of understanding in Jakarta to strengthen cooperation in the coal mining sector.
In an effort to secure access for coal exports to China amid a potential slump in domestic production, the Indonesian Coal Mining Association (APBI) signed on Friday a memorandum of agreement (MoU) with the China National Coal Association (CNCA) to support further trade and investment flow between the two countries.
Fitch Solutions maintains its forecast for an average coking coal price of $195/t for this year, stating that prices will remain elevated, with strong demand from China’s steelsector, as US–China relations continue to deteriorate and the probability rises of further economic support from the Chinese government towards domestic industries.
Freeport Indonesia, the country's largest gold and copper mining company, will start discussions after Idul Fitri with 15 local and foreign banks interested in financing its $2.8 billion unprofitable smelter project, senior executives said.