{"id":31618,"date":"2013-12-18T12:30:00","date_gmt":"2013-12-18T12:30:00","guid":{"rendered":""},"modified":"2020-11-12T12:03:18","modified_gmt":"2020-11-12T12:03:18","slug":"6618-china-is-unlikely-to-be-the-saviour-of-us-coal-producers","status":"publish","type":"post","link":"https:\/\/dialogue.earth\/en\/energy\/6618-china-is-unlikely-to-be-the-saviour-of-us-coal-producers\/","title":{"rendered":"China is unlikely to be the saviour of US coal producers"},"content":{"rendered":"

<\/span>US coal companies have struggled since the shale gas boom cut into coal\u2019s traditional share of the domestic electric power sector. Plans to build new coal-fired power plants have also been scrapped because of stricter environmental standards. One encouraging sign was Peabody Energy’s announcement<\/a> in late December last year that it would work with China\u2019s Shenhua Group to boost its coal exports. Yet while this might offer a short term solution, in the long run China\u2019s demand for coal is likely to weaken.<\/p>\n

Peabody Energy operates mines in the US states of Montana, Wyoming and Illinois, as well as in Australia. It and Shenhua will form a Singapore-based joint venture, Sino-Pacific Coal Trading Corp., which is expected to supply coal from Peabody\u2019s production to Shenhua\u2019s electricity-generating units in 2014. Christopher J. Hagedorn, the company\u2019s energy president, hailed<\/a> the agreement as a \u201csignificant milestone\u201d in Peabody\u2019s Asia growth strategy.<\/p>\n

Hagedorn said China and India\u2019s appetite for coal would account for more than 80% of annual world coal demand<\/a>, which he said would grow by 1.2 billion tonnes in the next five years. China\u2019s short-term demand could be a boon for Peabody and its peers. In China domestic producers often allocate<\/a> more than 30% of their revenue to pay 109 types of taxes<\/a>, which means the price tag of imported coal is often much lower. One tonne of US coal currently costs around 600 Yuan, while the price of Chinese coal <\/a>is around 780 yuan.<\/p>\n

Yet a number of studies suggest that Chinese demand will soon wane. Citibank has forecasted<\/a> that China\u2019s economic growth would slow to 5.5% in 2020 from the current 7.4%, on the assumption that the country will not need as much energy to power its economic engine. A University of Oxford study also said<\/a> Chinese demand would fall as the country\u2019s leadership pursues a range of new measures including environmental regulation, carbon pricing and investment in cleaner sources of energy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chinese demand could boost US coal companies, but only in the short term<\/p>\n","protected":false},"author":1580,"featured_media":56963,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_has_post_settings":[],"footnotes":""},"categories":[757],"tags":[],"hashtags":[],"country":[],"class_list":["post-31618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy"],"acf":[],"yoast_head":"\nChina is unlikely to be the saviour of US coal producers | Dialogue Earth<\/title>\n<meta name=\"description\" content=\"Chinese demand could boost US coal companies, but only in the short term\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dialogue.earth\/en\/energy\/6618-china-is-unlikely-to-be-the-saviour-of-us-coal-producers\/\" \/>\n<meta property=\"og:locale\" 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