Coal: Slowing China hit by problem of plenty
5 Nov 2012 11:56 PM GMT
As the Chinese economy slows down, reducing the demand for black diamond in energy-hungry China, the stockpiles of coal are surging for the first time in years. The stocks of Chinese coal producers soared 70 per cent from a year earlier to 98 million tonnes as of the end of September, according to figures from the National Development and Reform Commission, the country's top economic planning body.
Meanwhile, coal stocks at major ports rose 53 per cent year on year to 40.76 million tonnes as of the end of September, state-run Xinhua reported.
The increase was attributed to declining amount of coal shipments.Coal shipments by rail fell 0.1 per cent from a year earlier to 1.68 billion tonnes in the first nine months, while waterway coal shipments dropped 6.4 per cent to 460 million tonnes during the period, the figures showed.
China imported 203 million tonnes of coal in the January-September period, up 36.3 per cent year on year.But the growth rate has contracted for six months, according to the figures.China's third-quarter growth has slowed to a low of 7.4 per cent due to external jitters and government's tightening efforts to contain inflation.
Meanwhile, coal stocks at major ports rose 53 per cent year on year to 40.76 million tonnes as of the end of September, state-run Xinhua reported.
The increase was attributed to declining amount of coal shipments.Coal shipments by rail fell 0.1 per cent from a year earlier to 1.68 billion tonnes in the first nine months, while waterway coal shipments dropped 6.4 per cent to 460 million tonnes during the period, the figures showed.
China imported 203 million tonnes of coal in the January-September period, up 36.3 per cent year on year.But the growth rate has contracted for six months, according to the figures.China's third-quarter growth has slowed to a low of 7.4 per cent due to external jitters and government's tightening efforts to contain inflation.
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