"We're now seeing the fruits of China's supply response, as the government has given miners carte blanche to produce at full tilt - even permitting the relaxation of safety inspections in some cases," said Atilla Widnell, managing director at Navigate Commodities in Singapore.
"Therefore, we can expect prices to fall almost as fast as they've risen now that a wave of supply is inbound," he added. China's securities regulator has said it would ask futures exchanges to raise fees, restrict trading quotas and crack down on speculation in response to high coal prices.
China blacklisted Australian high quality coal over a comment made that Government. Now they have to increase the usage of their own poor quality coal to the ease the power shortage. China burnt it's bridges as is paying for it.
isn’t it odd how left wing Reuters don’t bat an eyelid towards China pumping more greenhouse gases into the atmosphere. Nothing! Zero! Very odd don’t you think?
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