The tides of the world's seaborne coal trade are shifting rapidly as top
consumer China seeks to rely more on domestic output while cutting its use of
the polluting energy source.
India, the world's second-largest coal consumer, is stepping into the breach, pulling in more coal cargoes amid a price slump.
India's coal imports could rise by more than 8% this year to 170 million metric tons, research firm Wood Mackenzie estimates, putting them almost on a par with those of China, which imported 207 million tons last year.
"India is [now] at the center of the seaborne thermal coal market, given Chinese demand is slowing down," said Prakash Sharma, research director for Pacific coal markets at Wood Mackenzie.
India's coal reserves in the ground are among the largest in the world. But production by state-owned Coal India Ltd. has failed to keep pace with demand growth, which has increased the need for imports.
Full story (http://www.wsj.com/articles/india-rises-as-importer-of-coal-1427452063)
India, the world's second-largest coal consumer, is stepping into the breach, pulling in more coal cargoes amid a price slump.
India's coal imports could rise by more than 8% this year to 170 million metric tons, research firm Wood Mackenzie estimates, putting them almost on a par with those of China, which imported 207 million tons last year.
"India is [now] at the center of the seaborne thermal coal market, given Chinese demand is slowing down," said Prakash Sharma, research director for Pacific coal markets at Wood Mackenzie.
India's coal reserves in the ground are among the largest in the world. But production by state-owned Coal India Ltd. has failed to keep pace with demand growth, which has increased the need for imports.
Full story (http://www.wsj.com/articles/india-rises-as-importer-of-coal-1427452063)
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