China coal buyers may be left wanting in Australia even after ban lifted.
Australia was China’s second-largest coal supplier before the ban, which followed a souring of diplomatic relations. The ban eventually expanded to wine and foodstuffs worth billions of dollars.
“Most of the Australian coal producers’ order books are pretty much chock-a-block full. The problem Chinese buyers have had is that they have left this so long, miners have found happy customers elsewhere,” said analyst David Lennox of fund manager Fat Prophets in Sydney. The ban on Australian products expanded to beef, barley, coal, cotton and wine. But natural gas and iron ore were not included. Australia is a major supplier to China of both commodities.
China has struck a more conciliatory tone in some of its geopolitical dealings more recently, amid sweeping covid infections nationwide, said Atilla Widnell, managing director at Navigate Commodities in Singapore.
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