Higher coal prices industrial activities in the second quarter.
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Explanation:
China's coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of 2020 as Beijing's stimulus efforts boost demand, an industry body said on Thursday.
The China National Coal Association said industrial and economic activities were unlikely to fully restart in the current quarter due to coronavirus control measures, which would weigh on demand for coal.
"The decline of coal consumption will be narrowed in the second quarter but the oversupply situation in the market will not change, and the downward pressure on coal prices will increase," the association said in a report.
Chinese authorities have reported dozens of new coronavirus cases since Sunday and have reclassified a city in the northeastern province of Jilin as high-risk, stoking fears of a new wave of infections.
The world's largest coal consumer used around 870 million tonnes of the fuel in the first quarter, down 6.8 per cent from the same period last year, the report showed.
The power sector's coal consumption fell 6.8 per cent to 507 million tonnes, while that of the construction sector plunged 24.7 per cent to 65 million tonnes.
Coal production, however, only dipped 0.5 per cent in the first three months of the year to 830 million tonnes, as miners cranked up output in response to Beijing's call for ensuring fuel supply.
Spot prices of benchmark thermal coal with energy content of 5,500 kilocalories per kg was 481 yuan ($67.78) a tonne on Wednesday, below the "green zone" prices set by the state planner of 500-570 yuan.
The coal association also warned of replacement of coal-fired power with non-fossil fuel sources in the second quarter, as increasing rainfall in southern China will boost hydropower generation.
"In the second half of the year, total coal consumption will see improvement from the first six months as China will implement the policies to boost domestic demand and bring industrial and economic growth to a normal level," said the coal association, without giving detailed numbers in the estimation.
The National Development and Reform Commission said on Wednesday the country will firmly expand domestic demand and step up investment in both traditional and new infrastructure projects.
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Explanation:
The Quarterly Coal Report (QCR) provides detailed quarterly data on U.S. coal production, exports, imports, receipts, prices, consumption, quality, stocks, and refined coal. Data on U.S. coke production, consumption, stocks, imports, and exports are also provided. All data for 2018 and previous years are final. All data for 2019 and 2020 are preliminary.
U.S. coal production during the first quarter of 2020 totaled 149.1 million short tons (MMst), which was 9.8% lower than the previous quarter and 17% lower than the first quarter of 2019. Production in the Western region, which represented about 56.1% of total U.S. coal production in the first quarter of 2020, totaled about 83.6 MMst (11.6% lower than the first quarter of 2019).
U.S. coal exports for the first quarter of 2020 (20 MMst) decreased 2.1% from the fourth quarter of 2019. The average price of U.S. coal exports during the first quarter of 2020 was $90.54 per short ton.
The United States continued to import coal primarily from Colombia (74.4%), Indonesia (13.7%), and Canada (4.5%). No imports from Australia were recorded for the first quarter of 2020. U.S. coal imports in the first quarter of 2020 totaled 1.3 MMst. The average price of U.S. coal imports during the first quarter of 2020 was $69.46 per short ton.
Steam coal exports totaled 8.3 MMst (6.9% higher than the fourth quarter of 2019). Metallurgical coal exports totaled 11.7 MMst (7.7% lower than the fourth quarter of 2019).
U.S. coal consumption totaled 109.2 MMst in the first quarter of 2020, which was 17.1% lower than the 131.8 MMst reported in the fourth quarter of 2019 and 30.8% lower than the 157.9 MMst reported in the first quarter of 2019. The electric power sector accounted for about 89.4% of the total U.S. coal consumption in the first quarter of 2020.
In the first quarter of 2020, coal stocks grew to 175.8 MMst from 158.8 MMst at the end of the fourth quarter of 2019 (a 10.7% increase). Stocks in the electric power sector increased to 145.5 MMst from 128.5 MMst at the end of the fourth quarter of 2019, the highest level since the second quarter of 2017.