• 25 mins Oil Gains Spur Growth In Canada’s Oil Cities
  • 1 hour China To Take 5% Of Rosneft’s Output In New Deal
  • 2 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 hours VW Fails To Secure Critical Commodity For EVs
  • 4 hours Enbridge Pipeline Expansion Finally Approved
  • 5 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 hours OPEC Oil Deal Compliance Falls To 86%
  • 22 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 24 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 1 day Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
Oil Prices Poised To Rise In Early 2018

Oil Prices Poised To Rise In Early 2018

A consistent fall in comparative…

Are Oil Stocks Close To A Breakout?

Are Oil Stocks Close To A Breakout?

As oil markets continue to…

MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

New Chinese Coal Import Tax Spells Disaster For Australian Miners

China Coal Mine

China’s bombshell decision to impose tariffs on coal imports could prove to be the tipping point for Australian miners already struggling to stay afloat.

The move by the economic powerhouse to introduce the new duty of between 3% and 6% beginning Wednesday shocked and angered Aussie producers, responsible for a quarter of Chinese coal imports.

The Minerals Council of Australia's Brendan Pearson said the decision was a poor one.

"The MCA urges the Australian government to initiate urgent discussions with Chinese counterparts to seek the reversal of the decision," he said in a statement.

Related: This Brand New Coal-Producing Nation to Start 2015

He said applying tariffs would ultimately prove "counterproductive" for the struggling Chinese economy anyway because it would "raise energy costs for China's industrial sector and households.”

The move comes barely a week after Beijing announced a major overhaul of its current resource tax, adding that the new and simpler levy would be effective Dec. 1.

This week's sudden announcement represents a second major blow for countries exporting coal to China, after last month Beijing imposed a ban on selling or transporting low-grade or “dirty” coal, putting further pressure on the global coal market.

Related: China's Imports of This Metal Are Up 72%... So Far

Alarm over that policy – announced last month – faded after Beijing appeared to exempt power plants, the largest consumers of fossil fuel.

China's dependence on coal is well known. Annual consumption exceeded 1 billion short tons per year in 1988 and has exploded since then, to about 4 billion tons last year. This means the Asian giant gets about 70% of its energy from the fossil fuel, a number the government hopes to reduce to 65% by 2017.

In the past three years Australia’s coal industry has experienced challenging times with prices for thermal coal, which is consumed by power stations to generate electricity, dropping over 40%. More than 10,000 coal jobs have been lost in Australia since 2011 as companies slash costs and idle mines amid a global supply glut.

Australian Coal Prices
Sources: IndexMundi | World Bank

By Cecilia Jamasmie

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News