BEIJING (Scrap Monster): China became the net exporter of seaborne coking coal in March, for the first time after global financial crisis in 2008, according to Chinese trade data cited by Macquarie analysts.
China started coking coal exports in the wake of soaring prices in international markets due to dwindled supply from flood hit Queensland, Australia, the major producer of coking coal.
China is the world's biggest steelmaker and the biggest coking coal producer, but has had to supplement demand at its steel mills, mainly with Australian imports. China has also curbed the country’s steel production.
Coking coal prices at Queensland ports have shot up from about $US200 a tonne before heavy rains hit the world's biggest coking coal exporting region over summer to about $US330 ($307) a tonne now.
Macquarie said China's March trade data showed it had been exporting at a net annualized rate of 10.9 million tonnes of coking coal and coke.