Demand has been driven by Asian buyers including India, Japan, and South KoreaAustralian miners have been fetching up to $US180 a tonne for their benchmark thermal coal deliveries this week, setting a new high of more than $240/t in Australian dollar terms.
While the decision was a blow to producers initially, Mr Tanevski said they had since been able to find other markets as global trade "rebalanced". "They've had to procure coal increasingly from Indonesia and Russia and that has opened up opportunities for Australian coal to penetrate an increased market share in other markets, particularly North Asia."
Mr Nicholas said the coal market was inherently "volatile" and this would remain the case even as demand fell away because supply could reduce at a faster rate.
China already build a full supply chain of electric cars in past several years. Australia should negotiate with China to import electric cars in exchange of localize battery factories. China need Australia market as jumper to US market for ISO testing
China has already implemented its strategic plan to de-carbonize. Eg. promoting electric vehicles (Tesla loves China), building new nuclear power plants etc. How about us? still heavily relying on our traditional mining industry...and feel quite good about it...
China is working hard to reduce the use of coal. China recently ban the export of raw steels which is an effort to reduce use of electricity from coals. The reason raise price of coals is mainly because of the printing dollars of US. Not Only coal but all commodities.
And ABC still not interested how coal can be beneficial clean energy
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The reason why Australia economic keeps booming and the reasons for Qld and WA to defy the national interest with lockdowns. They don't care about any other industries like hospitality, aviation etc. All they care for the matters is mining and constructions.