IEA: Chinese coal prices to impact global market in next five years

The International Energy Agency (IEA) has stated that in the next five years coal prices in the Chinese market will impact the global coal market.
 
In its statement, the IEA said, "Coal is the most important source for generation of electricity. The Chinese market is the biggest consumer of coal, with its demand accounting for over half of global coal demand." The IEA went on to say that in the coming five years (2012-16) any major development or decision in the Chinese market would be expected to have a significant influence on the global coal market and on electricity charges.