Some 15 million tonnes of Australian thermal coal worth more than $1 billion is waiting to clear customs in China, according to industry analyst Platts, with no sign of an easing in processing delays imposed since February.
A variety of the Korean media report that Australia and China are at loggerheads over the exertion of each influence in Pacific nations and the situation is set to deteriorate as China customs hold up 15 million tonnes of Australian thermal coal worth more than $1 billion.
“Thermal coal market participants say they are yet to see any changes to Beijing’s import policy for seaborne traded coal, including Australian origin, which has endured long holdups at Chinese ports for the past several months,” Platts’ Asian thermal coal editor, Michael Cooper, told The Australian.
Mr Cooper said the amount of Australian coal being held up in customs in ports in China was now the equivalent of 100 Capesize bulk carrier cargoes of 150,000 tonnes each. Currently thermal coal from Newcastle is trading at around $US75 a tonne.
Australian coal has been subject to lengthy processing delays of up to 50 days from around February this year.
