Until recently a net exporter of coking coal, China is set to become the world's biggest importer of the steelmaking ingredient by 2015, placing "dizzying" upward pressure on coking coal prices, Luiz Sarcinelli, a coal industry consultant with Rio de Janeiro, Brazil-based Sage Consultoria Tecnica, has told Dow Jones Newswires. China-led demand may cause coking coal prices to spiral higher over the next five years due to supply limitations, according to Mr. Sarcinelli.
"Five years ago, China was a net exporter of coking coal, and about three years ago started to import small tonnages, such as four million to five million tons a year," said Sarcinelli, adding, "But now, China is importing 40 million tons a year and could overtake Japan, which imports around 100 million tons, in 2015, to become the world's biggest importer."