Desperate China backflips on Australian coal
China, caught in the grips of a power crunch, has begun unloading Australian coal shipments despite an unofficial import ban.
Extreme weather, a surge in demand and strict orders from Beijing to reduce carbon emissions have sparked an electricity crisis in China.
Aluminium smelters, textiles producers and soybean processing plants were ordered to slow activity or shut altogether last week as soaring demand pushed electricity prices to record highs.
More than a dozen provinces and regions have been forced to impose curbs on energy usage in recent months.
And China’s thermal coal inventory – which is used to generate electricity – is at a record low.
The crisis has seemingly forced China into a massive backflip.
https://www.news.com.au/finance/eco...l/news-story/a95b66b707a25dfda11104702bcb63b5
