China to Cut Down on Coal Consumption

Australian Mining reported that China reduce its thermal coal consumption within the next five years to cut pollution levels.

As quoted in the market news:

The announcement comes on the back of an aborted coal price rally, which saw coal prices fall from a surge of $80 per tonne in February rapidly back down to $68 per tonne.

The price surge was related to a forecast Chinese demand for cleaner Australian coal in response to pressures of air pollution, export cuts from the US and output cuts from Glencore, as well as a 30 per cent rise in the price of oil.

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