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Spotlight: Has gasoil found its ‘Mojo’ or is it just a dead cat bounce?

Increase font size  Decrease font size Date:2020-10-15   Views:201
China's Industry and Information Technology Department of Jilin province released 5 million mt seaborne thermal coal quotas for end-users in northeast China for delivery from October to December, sources said Oct. 12.

Chinese authority released 1.9 million mt to Dandong city, 1 million mt to Jinzhou city, 1.2 million mt to Hunchun city and 900,000 mt to Panjin city in northeast China for local end-users, a source close to the matters said.
The Industry and Information Technology Department of Jilin province was not immediately available for comment.

To combat structural coal shortages in northern China and rising domestic coal prices, a total of 5 million mt seaborne thermal coal was released to end-users in northeastern China, sources said.

The move came on the heels of China's authorities' orders to ramp up domestic coal production in Mongolia and Shanxi starting in September and October, respectively, in order to support heating needs ahead of winter, sources said.

Chinese domestic coal offers for 5,500 kcal/kg NAR grade were heard at Yuan 610-Yuan 620/mt FOB ($90.50-$92.05/mt).

China's utilities Huaneng and Datang were seeking 3,800 kcal/kg NAR – 5,500 kcal/kg NAR seaborne coal in northern China, sources said.

Datang sought three vessels of 3,800 kcal/kg NAR seaborne thermal coal for its northeast utilities Oct. 12 in a buy-tender, sources added.

"Utilities in northeast China were seeking mid to high-CV seaborne coal besides Australian coal," a China-based trader said.

However, market sources said that the market impact of 5 million mt import quota could be digested within the week.
 
 
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