China to keep coal exports at 80 million tons
China, which is the biggest coal exporter after
Australia, plans to export at least 80 million tons of coal next year.
An official of
China National Coal Association pointed out that
China targets to keep its coal exports at 80 million tons this year compared to 93 million tons exported in 2003.
It is observed that
China will not cut the total volume of coal exports further compared with this year as coal producers are obliged to fulfill agreements with clients in major coal-importing countries.
South
Africa and Australian coal prices reached almost record levels as
China reduced supplies to meet domestic demand. The export restrictions of
China raised costs for power companies such as Seoul-based
Korea Electric Power Corp. Last month, this company accepted to pay record prices for thermal coal from
China.
Economic growth in
China has caused power shortages and boosted demand for coal. This situation prompted government to curb credits for industries such as real estate,
automotive and steel to prevent the brisk in
investments.